With the high costs of providing quality employee benefits today, choosing the right employee benefits provider is an important decision for any organization. IA Financial Group is one company that has made a name for itself in the Canadian employee benefits space.
IA Financial Group, or Industrial Alliance, is a leading insurance and financial services company based in Quebec. It has over 130 years of experience providing diverse products and services.
In this review, we’ll examine IA Financial Group’s employee benefits offerings to see how they compare to competitors and what makes their plans stand out.
Overview of IA Financial Group
IA Financial Group’s long history dates back to its founding in 1892. It has grown to be one of the largest insurance companies in Canada, with over $330 billion in assets under management and administration as of September 30, 2025. The company employs over 10,000 employees and serves more than 11.6 million clients. (Source)
In terms of financial strength, IA Financial Group holds an A+ rating from AM Best, indicating an excellent ability to meet ongoing insurance obligations.
While IA Financial Group offers a wide range of insurance and financial products, employee benefits solutions are one of their specialties. Their main products and services include:
- Individual insurance: Life, critical illness, disability, accident insurance
- Group insurance: Group health insurance, group disability insurance, group life insurance
- Wealth management: Retirement, investment management
- Specialty protection: Creditor insurance, travel insurance
According to industry summaries, IA Financial Group is considered one of the top life and health insurers in Canada, with significant market presence across multiple insurance segments.
IA Financial Group Employee Benefits
IA Financial Group offers one of Canada’s most comprehensive and customizable suites of employee benefits. Their plans are well-suited for organizations of all sizes looking for a full-service benefits provider.
Health Insurance Plans
IA Financial Group provides extensive health insurance options that can be tailored to meet each company’s specific needs and budget. Their plans offer unmatched flexibility regarding coverage levels, deductibles, co-pays, and maximums.
Some of the critical medical benefits offered by IA Financial Group include:
Extended Health Care
The extended health care plan covers services not covered under provincial government health plans. This includes prescription drugs, paramedical services, medical equipment and supplies. IA Financial Group offers many customization options for extended health care.
- Prescription Drugs: There are a variety of plan options, including generic, brand-name, pay-direct drug cards, annual claims caps, and deductibles.
- Paramedical Services: Coverage for services provided by professionals such as physiotherapists, chiropractors, naturopaths, registered massage therapists, acupuncturists, and psychologists.
- Medical Supplies and Equipment: Covers items ranging from mobility aids and prostheses to diabetes management equipment.
- Ambulance Services: Reimburses ambulance fees not covered by government plans.
- Private Duty Nursing: Provides reimbursement when nursing services are required at home.
Dental Care
Dental coverage partially reimburses preventative, essential, and primary dental services. Orthodontic coverage can be included. IA Financial Group offers various annual maximums and fee guide options.
- Preventative Services – Covers exams, cleanings, x-rays, and fluoride treatments.
- Essential Services – Fillings, simple extractions, and denture repairs are covered.
- Major Restorative – Root canals, crowns, bridges, and dentures reimbursed.
- Orthodontics – Can provide coverage for braces and orthodontic services for adults and children.
Vision Care
Vision benefits from IA Financial Group cover eye exams and eyewear costs, including glasses and contact lenses. Vision care can be purchased as a standalone plan or added to a health benefits package.
Out-of-Country Emergency Medical
IA Financial Group provides emergency medical coverage for employees travelling outside Canada for business or personal reasons. This includes services from physicians, hospitals, ground and air ambulances, and more.
Health Spending Accounts
Health Spending Accounts (HSAs) can be added to provide employees with flexibility in covering eligible medical expenses. Employers allocate annual credits that employees can use on a tax-effective basis for eligible expenses, in accordance with CRA guidelines.
Disability Insurance
Protecting employee income in the event of disability or injury is crucial. IA Financial Group offers comprehensive disability insurance focused on a rapid and safe return to work.
Short-Term Disability Insurance
Short-term disability from IA Financial Group provides income replacement for temporary disabilities, typically covering absences lasting up to 26 weeks, though longer benefit periods may be available depending on plan design.
Customizable plan options include:
- Waiting Periods – You have a choice of waiting periods before benefits kick in, such as 0 days, seven days, 14 days, 30 days, 60 days, etc. Waiting periods can be different for accidents vs. illnesses.
- Benefit Amount – Income replacement levels are set as a percentage of gross weekly earnings and vary by plan design, commonly ranging between standard market levels and higher options where appropriate.
- Benefit Payment Period – Options of 15 weeks, 26 weeks, or 52 weeks available.
- Tax Status – Disability payments can be non-taxable or taxable.
- EI Integration – Plan payments can complement EI sickness benefits.
Long-Term Disability Insurance
IA Financial Group’s long-term disability insurance takes over when short-term coverage ends. It provides partial income replacement in the event of disability lasting longer than 26 weeks.
- Monthly Benefit – Typically replacing a portion of pre-disability earnings, with percentages and maximums determined by plan design and underwriting.
- Benefit Payment Period – Benefits are generally payable until recovery or up to age 65, subject to policy terms.
- Definition of Disability – Choice of “regular occupation” or “any occupation” to define disability.
- Coverage Options – Guaranteed issue options are available. Can customize waiting periods and monthly maximums.
IA Financial Group has disability experts and case managers who aim to support early intervention and timely return to work. Their disability plans include employee assistance programs, best doctors’ services, and vocational rehabilitation.
Optional disability riders can be added, such as a retirement security rider, an automatic benefit escalation rider, and a survivor income rider. Their cutting-edge disability and absence management programs provide 360-degree support.
Life and Accidental Death & Dismemberment (AD&D) Insurance
IA Financial Group provides comprehensive life and accidental death insurance options tailored for each organization’s workforce and risks.
Basic Group Life Insurance
Basic group life insurance is typically an employer-paid core benefit that provides coverage based on a multiple of earnings or a flat dollar amount. Coverage levels are commonly structured at multiples of annual earnings or set amounts, subject to plan design and guaranteed issue limits.
IA Financial Group policies may include features such as conversion options upon termination of employment and living benefits for eligible terminally ill employees, where provided under the policy terms.
Optional Employee Life Insurance
IA Financial Group also makes voluntary employee-paid life insurance available to supplement the basic coverage. The minimum and maximum coverage amounts can be customized. Common options include:
- Coverage Options – Multiples of earnings or flat coverage amounts.
- Maximum Benefit – Coverage limits are subject to underwriting, earnings, age, and policy maximums.
- Guaranteed Issue Limit – Simplified underwriting may be available for eligible groups up to specified limits, with evidence of insurability required above those amounts.
Dependent Life Insurance
Dependent life insurance from IA Financial Group covers an employee’s spouse, children, or other eligible dependents. It pays the employee a lump sum in case a dependent dies.
Accidental Death & Dismemberment (AD&D) Insurance
AD&D insurance provides additional financial protection in cases of death or serious injury from accidents. IAF’s AD&D coverage includes:
- Principal Sum – This matches the amount of essential or optional life insurance.
- Dismemberment – Pays a percentage of the principal sum for loss of limbs or body parts.
- Paralysis Benefit – Lump sum payment for quadriplegia, paraplegia, and hemiplegia.
- Additional Benefits – Offers coverage for rehabilitation, home/vehicle modifications, family transportation, repatriation, and more.
In summary, IA Financial provides comprehensive and tailored life insurance and AD&D solutions to protect employees against the unexpected.
What Sets IA Financial Group Apart?
There are a few key areas where IA Financial Group distinguishes itself as an employee benefits provider compared to competitors:
Top-Tier Customer Service
IA Financial Group prides itself on providing top-tier customer service and a personalized approach.
They have specialized teams dedicated to supporting the unique needs of group plans. Customized benefits packages are crafted based on a deep understanding of each organization. Ongoing support helps optimize utilization and value.
Digital and Value-Added Solutions
IA Financial Group offers a range of digital tools, virtual health options, and value-added services designed to support modern workplaces. The organization has been an early adopter of virtual healthcare solutions within group benefits plans, helping employers enhance access to care and employee engagement.
Focus on Customization
Unlike some providers with more rigid benefit packages, IAF starts with each client’s needs and goals.
Every element can be customized, from coverage tiers to deductibles and co-pays. Their flexible approach, coupled with deep expertise, drives tailored solutions.
Strong Plan Management
Proprietary analytics, benefit utilization insights, and real-time reporting allow IA Financial Group to manage plans proactively.
Benefit costs are controlled through optimized claimant management and advanced assessment, and per-employee benefit spending is kept competitive.
Vast Offering Range
With options across all significant benefits categories plus specialty products, IA Financial Group delivers full-service benefits administration.
Organizations get one primary partner for benefits versus needing multiple carriers.
Regarding downsides, IA Financial Group plans may not be the most budget-friendly option for organizations prioritizing the lowest cost above all else. However, their higher service levels and flexibility do come at a cost.
Who does IA Financial Group’s benefits work best for?
IAF delivers the most significant advantages for these types of organizations:
- Medium to large employers (~200 to 5,000+ employees): Gain deeper discounts, services, and advantages from scale. Leverage the full range of benefit options.
- Companies with a remote/hybrid workforce – Virtual care options keep employees engaged wherever they are located. Multi-channel platforms provide a consistent experience.
- Organizations with a national footprint – The carrier can accommodate multiple benefit classes, tiers, waiting periods, and eligibility rules within standard underwriting and regulatory frameworks.
- IA Financial Group can accommodate unique benefit tiers, classes, waiting periods, and eligibility requirements for businesses with complex organizational structures.
- Companies aiming to attract top talent – A modern, customizable benefits package is a differentiator in competitive talent markets.
- Brands focused on employee wellbeing – IA Financial Group’s wellness and mental health support further these employer objectives.
- Industries requiring specialty expertise – IA Financial Group’s deep knowledge benefits sectors like aviation, policing, healthcare, and transportation.
- Organizations open to innovative options – Leading-edge virtual healthcare and other new benefits solutions appeal to forward-thinking employers.
The types of employees who see the most significant advantage from IA Financial Group benefits include:
- High-cost prescription drug users – Robust coverage and low caps on dispensing fees keep costs manageable.
- Frequent healthcare users – Virtual provider access offers convenience, while network discounts control costs for frequent doctor’s visits, tests, and procedures.
- Support programs and services ease the burden for employees with serious health conditions, while integrated care coordination benefits the sickest.
- Remote employees – Multi-channel options provide a seamless benefits experience for hybrid workforces.
- Workers focused on health and wellness – Wellness offerings and incentives empower and reward those pursuing better health.
- Employees planning for retirement – Retirement and financial planning tools help users map out the future.
The bottom line
While not the budget option, IA Financial Group’s benefits stand apart when it comes to customization, innovation, and enhancing employee experience. Partnering with IA Financial Group can be an excellent option as a strategic benefits provider for most employers.
Finding the right employee benefits provider is an important decision for any business in Canada. With a range of options to choose from, it’s helpful to understand the landscape of top providers across the country. Some of the largest employee benefits providers in Canada include:
- Assumption Life Employee Benefits in Canada
- Medavie Blue Cross Employee Benefits
- Pacific Blue Cross Employee Benefits
- Wawanesa Insurance Employee Benefits
- Equitable Life of Canada Employee Benefits
- RBC Insurance Employee Benefits
- Beneva Employee Benefits
