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Canadian Insurer Opens U.S. Life Company

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Industrial Alliance Insurance and Financial Services Inc. has launched IA American Life Insurance Company.

Industrial Alliance, Quebec City, Quebec, will be locating IA American in Scottsdale, Ariz., along with Industrial Alliance Pacific Life Insurance Company.

IA American and IA Pacific will joint to sell “a range of life and annuity products designed to protect American families,” Industrial Alliance says.

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IA American will focus on serving middle-income markets, according to IA American President Michael Stickney.

The IA Pacific U.S. division began selling universal life insurance in 2008, and IA American will start out by selling a new SecureLife Plus UL product, Industrial Alliance says.

SecureLife Plus offers coverage to individuals up to age 120, and it also offers features such as increased maximums on term riders and a waiver-of-surrender-charge endorsement.