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Ivari Life Insurance: What Canadians Need to Know Before Buying 2024

The Ultimate Guide to Ivari Life Insurance in Canada
The Ultimate Guide to Ivari Life Insurance in Canada

Selecting the right life insurance is one of the most important financial decisions Canadians can make. With hundreds of providers to choose from, finding the company that best fits your needs can feel overwhelming.

In this comprehensive guide, we’ll take an in-depth look at Ivari life insurance to see if their policies are a good option for securing your family’s financial future.

A Brief History of Ivari

Ivari insurance has been serving Canadian families and businesses for over 90 years. Founded in 1927 as The Manufacturers Life Insurance Company, the firm operated for decades under the name Transamerica Life Canada.

In 2015, global reinsurer Wilton Re acquired the company and rebranded it as the Ivari we know today. Ivari’s head office is located in Toronto, but they provide insurance coverage across Canada through an independent advisor network.

With such an extensive history and strong reputation, Ivari has become one of the most trusted life insurance companies in Canada. They have established a loyal client base by offering reliable protection products at competitive rates.

Ivari’s Financial Strength and Ratings

When choosing a life insurance provider, it’s crucial to select a financially stable company that will be around to pay claims when they come due. Ivari meets this standard with flying colors.

As rated by AM Best, Ivari currently holds an A+ (Superior) rating indicating excellent financial strength. This means you can trust that Ivari has the resources to fulfill policy obligations even in challenging economic conditions.

Ivari also maintains a Comdex ranking of 93 out of 100 based on quantitative analytics measuring financial stability. For context, the median Canadian life insurer scores around 82.

With almost a century of experience weathering wars, recessions, pandemics and more, Ivari has proven its resilience time and again. Canadians looking for ironclad insurance protection rest easy knowing Ivari will be there when needed.

What Types of Insurance Does Ivari Offer
What Types of Insurance Does Ivari Offer

What Types of Insurance Does Ivari Offer?

Ivari offers a diverse range of life insurance solutions suitable for Canadians at all stages of life. Their key products include:

Ivari Term Life Insurance

Term life insurance provides affordable pure death benefit protection for a set period of time, typically 10, 20 or 30 years. It’s ideal for meeting temporary needs like mortgages, debt coverage and income replacement.

Ivari offers level-premium term life guaranteed for 10, 20 or 30 years. All terms are renewable and convertible so you can extend them as needed.

Some unique features of Ivari’s term life plans include:

  • Available coverage ranging from $50,000 up to $10 million
  • Term 30 plan with SelectOptions at years 15-20, including reduced premiums, reduced coverage, and cash value access
  • Joint term life insurance covering up to 5 lives
  • Term life riders for critical illness and accidental death/dismemberment

For many Canadians, term life insurance is the right call to secure income and debt protection at the lowest cost. Ivari’s offerings here are robust.

Ivari Universal Life Insurance

Universal life insurance combines lifelong death benefit coverage with a tax-advantaged savings element known as cash value. It’s ideal for permanent protection needs.

With Ivari’s universal life plan, you have the flexibility to adjust your premium payments and death benefit amount according to life changes.

The cash value account earns tax-deferred interest and can be accessed via policy loans if needed. Living benefits like terminal illness payouts are also included.

Key features of Ivari’s universal life insurance include:

  • Lifelong permanent coverage
  • Adjustable death benefit from $25,000 to $10 million
  • Flexible premium payments from $25/month up
  • Cash value accumulation and policy loans
  • Variety of investment options for cash value
  • Critical illness and other riders available

For lifetime protection or estate planning, Ivari’s universal life insurance is a robust option to consider.

Ivari Critical Illness Insurance

To complement its life insurance offerings, Ivari provides critical illness insurance designed to pay out a tax-free lump sum upon diagnosis of a covered condition.

This either comes as 4-condition coverage for major critical illnesses, or 25-condition enhanced coverage for additional conditions.

Ivari’s critical illness protection key features:

  • Lump sum payout upon qualifying diagnosis
  • 25 or 4 condition options
  • $25,000 to $2 million coverage
  • 10 or 20 year terms, or lifetime
  • Conversion option at end of term
  • Living benefit for terminal illness

Purchasing critical illness insurance from Ivari is an excellent way to supplement your life policy with financial protection against major health events.

What Does Ivari Life Insurance Cost?

What Does Ivari Life Insurance Cost
What Does Ivari Insurance Cost

So how much does coverage from Ivari actually cost? Here are some sample rates for healthy non-smoking applicants:

Ivari Term Life Insurance

CoverageMonthly Premium
$500,000, 20-year term, Age 35 Male$39.60
$500,000, 20-year term, Age 35 Female$30.60
$500,000, 20-year term, Age 50 Male$149.85
$500,000, 20-year term, Age 50 Female$100.80

Ivari Universal Life Insurance

CoverageMonthly Premium
$400,000, Age 40 Male$368
$400,000, Age 40 Female$315.92

Ivari’s pricing is competitive but comes in slightly higher than the most affordable insurers like PolicyMe and Canada Life. Comparing quotes across providers ensures you find the best rate for your situation.

How to Apply for Ivari Life Insurance

Ivari distributes its insurance products solely through independent life insurance brokers and advisors across Canada.

To start the application process, you have a few options:

  • Work with an advisor – Connect with an independent local advisor who can guide you through policy selection and submit your application to Ivari.
  • Get quotes online – Use a life insurance quote platform to compare Ivari rates against other top insurers. You can get free side-by-side quotes easily online.
  • Apply directly – Contact Ivari’s head office to be matched with an advisor who can take your application and submit it directly.

The application itself involves completing forms providing personal, medical, and lifestyle details. Supporting documentation like a photo ID will need to be provided as well.

Most applicants will also need to complete a medical exam and potentially more in-depth testing depending on health and age. Ivari’s underwriting team reviews the full application and issues an approval decision.

If approved, your Ivari policy will be issued and details provided on setting up automated payments. You’ll also gain access to an online policy management portal for ongoing service.

Ivari Life Insurance Claims and Customer Service

How does Ivari treat its customers when it comes time to make a claim? The key indicators show you can expect a smooth claims process with Ivari:

  • Google Rating – Ivari earns a strong 3.3 out of 5 stars based on 178 reviews on their customer service.
  • Complaint Ratio – According to OSFI, Ivari maintained a low complaint ratio of 0.42 per $1 million in premiums in 2020. The industry average was closer to 1.
  • Timely Claims Payout – Ivari advertises and is reviewed as paying out most approved life insurance claims in 5-10 business days after receiving documentation.
  • Online Support – Policyholders have access to online chat as well as an account management portal for self-service.

Overall, Ivari policyholders can feel confident that if faced with the need to make a claim, the process will go smoothly and the benefits will be paid out quickly. This gives great peace of mind.

What Are The Pros and Cons of Ivari Insurance?

What Are The Pros and Cons of Ivari Life Insurance
What Are The Pros and Cons of Ivari Life Insurance

Here are the main advantages of choosing Ivari for your life insurance:

  • 90+ years experience as a trusted Canadian life insurer
  • Competitive pricing, especially for permanent universal life insurance
  • A+ financial strength and billions in assets for reassurance
  • Wide range of policy types including critical illness insurance
  • Unique features like Term 30 SelectOptions
  • Streamlined claims payout process

Potential downsides to weigh include:

  • Slightly higher than average term life insurance rates
  • Limited whole life insurance options
  • Changes in ownership over the years
  • Strict underwriting resulting in premium increases

Overall though, the positives of Ivari’s expertise, financial stability, and varied product shelf make them a leading choice worth considering.

Is Ivari the Right Insurer for You?

Now that you understand Ivari’s offerings and strengths as a life insurance provider, how do you know if they are the right fit for your needs?

Here are a few key profiles who may find Ivari’s insurance policies ideal:

  • SeekingPermament Universal Life Insurance – If you need lifelong coverage with cash value upside, Ivari’s competitively-priced universal life is tough to beat.
  • Interested in Critical Illness Add-Ons – Ivari makes it easy to enhance your life insurance with robust critical illness riders.
  • Prioritizing Renown and Experience – If you value Ivari’s 90-year track record and brand reputation, they have you covered.
  • Wanting Flexibility of Term 30 Plan – Ivari’s unique Term 30 with SelectOptions at years 15-20 offers unparalleled flexibility.
  • Need Joint Coverage for Multiple Lives – You can insure up to 5 lives under one Ivari policy.

Take some time to think through your situation. Ivari will likely make sense if the profiles above resonate. Be sure to compare quotes and policy details to find your best fit.

In the life insurance world, Ivari’s longevity, financial strength, and diverse product shelf have rightfully earned them a top-tier reputation. Their A+ rating and billions in assets provide ironclad reassurance.

For Canadians seeking permanent universal life insurance or term insurance enhanced with critical illness and other riders, Ivari should absolutely be on your short list to consider and compare.

Their unique Term 30 plan allows flexibility in the future, while joint coverage supports households with multiple insurance needs efficiently. For most clients, Ivari will prove a very solid option worth reviewing.

That said, be sure to shop and compare quotes, as Ivari’s pricing may not be the absolute lowest in all cases. Taking the time to match the right policy and provider to your particular situation is key.

To recap, Ivari is a highly recommended life insurance provider in Canada. Just be sure to run the numbers to maximize value based on your unique profile and needs.

Next Steps: Find the Best Rates

Now that you understand Ivari’s offerings, it’s time to put them to the test to see how they stack up cost-wise against competitors for your specific situation.

The best way is to use Lifebuzz’s online quote comparison tool. You can get free quotes from over 15 top Canadian life insurers including Ivari to see who offers the most savings.

It only takes a few minutes, there’s no obligation, and you can do it entirely online. Get started today to find your best life insurance match!

Frequently Asked Questions (FAQs)

What types of riders does Ivari Life Insurance offer?

Ivari Life Insurance offers optional riders for critical illness, accidental death, children's insurance, waiver of premium, and term coverage add-ons.

Does Ivari life insurance have cash value?

Ivari's universal life insurance policy builds up a cash value that can be borrowed against, but their term life plans do not have cash value.

Can Ivari life insurance premiums be deducted from my paycheck?

Yes, if available through your employer, you can often arrange to have Ivari life insurance premiums deducted directly from your paycheck.

Will my family pay estate taxes on Ivari life insurance proceeds?

No, life insurance death benefits from Ivari are paid tax-free to your named beneficiaries. The proceeds do not form part of your taxable estate.

What is the claims process like for Ivari life insurance?

Ivari aims to pay life claims within 5-10 days of receiving paperwork. Your beneficiaries will need to submit claim forms and a death certificate.

Does Ivari life insurance offer living benefits?

Ivari's universal life policy includes living benefits like terminal illness payouts. Their term life plans only pay the death benefit amount.

Can I use Ivari life insurance to cover my mortgage?

Yes, Ivari's term life plans are commonly used to cover the outstanding balance of a mortgage in the event of the insured's death.

Can I get a copy of my Ivari Life Insurance policy online?

Ivari does not currently offer online policy document access. You need to contact their customer service team for copies of documents.

Does Ivari sell indexed universal life insurance?

Ivari only offers standard universal life insurance at this time. They do not currently offer an indexed universal life insurance product.

Can I borrow against my Ivari universal life insurance policy?

Yes, one benefit of Ivari's universal life product is you can take out loans against your accumulated cash value if needed.

Does Ivari life insurance pay dividends?

Ivari's policies do not pay dividends directly to policyholders. However, their universal life plans do earn interest in the cash value account.

Is juvenile Ivari life insurance available?

Yes, Ivari's term and universal life plans are available for children starting from birth up to age 25 for affordable coverage.

Can I use Ivari life insurance to fund my child's education?

Ivari's permanent universal life insurance can be used to supplement education costs through withdrawals or policy loans.

What is the Grace Period for Ivari life insurance premiums?

Ivari provides a standard 30-day grace period to pay overdue premiums before the policy lapses.

Are Ivari life insurance premiums level or increasing?

Ivari term premiums are level for the policy term. Universal life premiums can adjust but policies are guaranteed not to lapse.

Can I cancel my Ivari life insurance anytime?

Yes, you can request to cancel your Ivari coverage at any time. Be aware this will end your insurance protection.

How do I find my Ivari life insurance policy number?

Your Ivari policy number can be found on your policy documents. You can also call their customer service team to obtain it.

Can I name a minor child as beneficiary of Ivari life insurance?

Yes, but the benefits will be paid into court guardianship until the child becomes an adult.

How often should I review my Ivari life insurance coverage?

Experts recommend reviewing your Ivari life insurance needs at least annually as your obligations and income change.

Article Sources:

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Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

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