(April 26 – 11:10 ET) – Industrial Alliance has announced a major rate reduction for its 10-year and 20-year term insurance products along with a revision of the eligibility criteria for its preferred rates to reward people who maintain a healthy lifestyle.

For insurance coverage of $100,000 or more, the 10-year term policy rates have been lowered by an average of 17% and 20-year term rates have gone down 14%.

“These new rates show Industrial Alliance’s desire to always offer a quality product at a reasonable cost to anyone, including business people, who may need term insurance,” stated Clément Boivin, director, Product Research.

These new rates apply to the Maxirance and Meridia products. These two products are sold across Canada by Industrial Alliance Insurance and Financial Services agents and through its western Canadian subsidiary, IA Pacific Life.

In addition to the rate decrease, Industrial Alliance has also made changes to the eligibility conditions for preferred rates. By refining the criteria for blood pressure, cholesterol level, family history and driving record, Industrial Alliance will be even more equitable for individuals who are in good health and maintain a healthy lifestyle.

“With these new criteria, we believe that at least 50% of the policies issued will fall within the classes that allow us to offer a major decrease in costs — the Elite and Preferred classes,” added Boivin.

Industrial Alliance’s preferred rates are available for insurance volumes of $100,000 or more. These rates also apply to permanent coverage with the Maxirance and Meridia products. “This initiative places us in a better position with respect to comparable products offered by competitors,” concluded Boivin.