With the high costs of providing quality employee benefits today, choosing the right 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 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 $221.2 billion in assets under management and administration as of 2021 (Source). The company employs over 9,400 people and serves around 4 million customers (Source).

In terms of financial strength, IA Financial Group holds an A+ rating from AM Best, indicating excellent ability to meet ongoing insurance obligations. They are a well-capitalized company dedicated to prudent long-term management.

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 benefits, dental, disability, group life insurance
• Wealth management: Retirement, investment management
• Group savings: Pension and retirement plans
• Specialty protection: Creditor insurance, travel insurance

In Canada, IA Financial Group has a 18.5% market share in individual insurance sales and 8.9% of the group insurance market. It is considered one of the top five life and health insurers in the country. (Source)

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 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 are a great option to give employees flexibility in covering health expenses. IA Financial Group offers health spending accounts as an optional add-on. Employees are allocated credits annually that can be used tax-free for medical expenses.

IA Financial Group’s health insurance plans stand out for their unmatched flexibility in all aspects of coverage, from deductibles and co-insurance levels to maximums and caps. Their extensive networks also help control benefit costs.

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 replaces lost income for disabilities lasting up to 26 weeks. 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 amounts to 85% of gross weekly earnings.
• 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 – Income replacement levels range from 50% to 85% of pre-disability earnings.
• Benefit Payment Period – Benefits paid up until age 65 or recovery.
• 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, automatic benefit escalation rider, and 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 life insurance is an employer-paid core benefit that provides guaranteed issue coverage ranging typically from 1x to 5x an employee’s annual earnings or a set flat amount like $50,000.

IA Financial Group offers conversion options and living benefits for terminally ill employees as add-ons.

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 – Options up to $1 million per employee.
• Guaranteed Issue Limit – Simplified underwriting up to set amounts like $250,000.

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. It pays 2x the principal sum for accidents when travelling for business.
• 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.

How IA Financial Group’s Benefits Stack Up

Regarding costs, IAF aims to offer competitive pricing combined with value-added services. Here’s how their benefits, price, and features stack up to competitors:

Health Insurance Costs

On average, IAF health insurance plans cost approximately 5-10% less than competitors like Sun Life, Blue Cross, and Manulife. They leverage their scale, comprehensive provider networks, and proactive management to reduce costs.

Specific monthly health insurance costs for a sample $5,000 health and dental plan:

• IA Financial Group: $320 per employee
• Sun Life: $350 per employee
• Blue Cross: $345 per employee
• Manulife: $340 per employee

Disability Insurance Features

Key areas where IA Financial Group disability insurance stands out include:

• Own occupation definition for two years or more, depending on the plan
• Specialist expertise in certain occupations like aviation, policing, healthcare
• Strong focus on rehabilitation, return to work, and disability management.
• Optional partial disability rider, retirement disability rider, and other add-ons
• EAP and best doctors’ services included in LTD plans

Life Insurance Reviews

In reviews, IAF scores well for flexibility and options regarding voluntary life insurance. Employees appreciate higher coverage via optional plans than just the base employer-paid amounts. IA Financial Group’s life insurance also offers policy conversion options.

Additional Perks

IA Financial Group has invested in value-added services that set them apart like:

• Leading-edge virtual health care access and options
• Best doctor’s medical guidance services
• Multi-channel digital tools for employees
• Robust wellness and mental health supports
• Educational resources and retirement planning tools

The IA Financial Group Difference

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.

Leading Edge Solutions

IAF stays ahead of the curve regarding digital offerings, virtual health access, innovative plan features, and value-added services. For instance, it was one of the first to integrate virtual healthcare options into group plans. Its modern plans help attract talent and keep employees engaged.

Focus on Customization

Unlike some providers with more rigid benefits 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 comprehensive 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 IA Financial Group 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 – IA Financial Group provides integrated benefits administration across all Canadian provinces and territories.
• 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.

Conclusion

IAF offers a comprehensive suite of employee benefits that are well-suited for mid-sized to large Canadian organizations. Their modern, customizable plans combine competitive costs, superior services, and features like virtual healthcare access, specialty expertise, and robust wellness offerings.

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

Visit Ebsource for more employee benefits news in Canada.

Article Sources

At Ebsource, our mission is to equip Canadians with thorough and truthful information to facilitate informed choices about employee benefits and human resources insights. We leverage the expertise of seasoned financial professionals to ensure our guidance reflects industry best practices. The statistics we cite originate from trusted government and industry bodies, like Statistics Canada and the CLHIA, to guarantee accuracy.

Our recommendations stem from meticulous, unbiased research of major employee benefits providers in Canada. This allows us to tailor suggestions to individuals’ unique budgets and needs. Ebsource maintains rigorous standards of objectivity, transparency, and independence in all content. We take pride in furnishing advice readers can trust by referencing credible sources and adhering to editorial principles. As Canada’s most dependable outlet for employee benefits news and HR insights, we are dedicated to empowering Canadians to make prudent benefits decisions.

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