Ivari life insurance is one of the most important financial decisions for Canadians when selecting the right life insurance company. With hundreds of providers to choose from, finding the life insurance company that best fits your needs can feel overwhelming.
We’ll explore the insurer’s key policy types, features, ratings, prices, pros and cons, and more. This will provide the information you need to decide if their life insurance is right for your situation. Comparing top life insurance companies is essential to finding the best value and fit.
A Brief History of Ivari
Ivari is a Canadian insurance company that offers a wide range of insurance and investment products to consumers.
Some key facts about Ivari:
- Originally founded in 1927, Ivari is one of the oldest insurance companies in Canada.
- Headquartered in Toronto, Ontario.
- Provides insurance solutions like life insurance, critical illness insurance, and disability insurance.
- Also offers investment products and solutions.
- Has over 700,000 policyholders across Canada.
- Employs approximately 250 people.
- Received an A credit rating from Fitch Ratings as of 2024.
- Previously operated as Transamerica Life Canada until 2015.
- Acquired by Wilton Re in 2015, which rebranded the company as Ivari. Wilton Re is a reinsurance firm based in Bermuda.
- Their products are distributed through a network of independent advisors across Canada.
- It primarily offers life insurance and critical illness insurance products.
- Has over $11 billion in assets as of 2022.
- Ivari has provided insurance products to Canadian families for over 90 years.
- In 2023, Ivari joined the Sagicor Group of companies, expanding their presence across the Caribbean, United States and Canada.
Source: https://ivari.ca/about-ivari/about-us/corporate-information/
In summary, Ivari is a leading Canadian insurance provider with a long history of serving customers with diverse insurance and investment solutions.
Ivari’s Financial Strength and Ratings
When choosing a life insurance provider, it is crucial to select a financially stable company that will be around to pay claims when they come due. Ivari meets this standard with flying colours.
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.
With almost a century of experience weathering wars, recessions, pandemics and more, the company has repeatedly proven its resilience. Canadians looking for ironclad insurance protection can rest easy knowing Ivari will be there when needed.
What Types of Insurance Does Ivari Offer?
The company offers a diverse range of life insurance solutions suitable for Canadians at all stages of life. Their essential products include:
Term Life Insurance
Ivari provides three main term life insurance policy options to suit different temporary coverage needs:
Term 10
The Term 10 policy is a 10-year term life insurance option well-suited for:
- Short-term insurance needs
- Layering with permanent life insurance
- Available for ages 0-70
- Renewable every 10 years until age 80
Term 20
The Term 20 policy is a 20-year term life insurance policy ideal for:
- Income replacement and debt coverage
- Mortgages and loans
- Children’s protection needs
- Available for ages 0-60
- Renewable every 20 years until age 80
Term 30 with SelectOptions
The Term 30 policy meets long-term protection needs into retirement with unique flexibility features:
- 30 years of guaranteed premiums
- Renewable after year 30 as permanent insurance with lifetime premiums
- SelectOptions between years 15-20:
- Select30 – Reduce premiums and coverage amount
- SelectLife – Converts to reduced paid-up lifetime coverage
- SelectValue – Access cash value through loans or conversion
- Suited for multi-decade debts and lifetime income protection
- Available for ages 0-50
Coverage and Policy Details
- Available Terms: 10, 20, and 30 years
- Guaranteed level premiums plus flexible SelectOptions
- Maximum Coverage: $10 million
- Renewable: Yes, with no medical exam
- Convertible: Yes, until age 71
Optional Riders
Ivari term life policies offer optional riders, including:
- Critical illness protection
- Children’s Insurance
- Accidental death & dismemberment
- Waiver of premium
- Payor waiver of premium
- Term riders
In summary, Ivari provides term life insurance options to meet short-, medium-, and longer-term protection needs, with flexibility on Term 30.
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 their universal life plan, you can 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. Living benefits, such as terminal illness payouts, are also included.
Critical features of their universal life insurance include:
- Lifelong permanent coverage
- Adjustable death benefits 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
Universal life insurance is a robust option for lifetime protection or estate planning.
Critical Illness Insurance
To complement its life insurance offerings, the insurer provides critical illness insurance designed to pay a tax-free lump sum upon diagnosis of a covered condition.
This comes as 4-condition coverage for major critical illnesses or 25-condition enhanced coverage for additional conditions.
Below are the 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 the end of term
- Living benefits for terminal illness
Purchasing critical illness insurance from Ivari is an excellent way to supplement your life policy with financial protection against significant health events.
What Does Ivari Life Insurance Cost?
Here are some sample rates for healthy, non-smoking applicants:
Term Life Insurance
Coverage | Monthly 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 |
Universal Life Insurance
Coverage | Monthly Premium |
---|---|
$400,000, Age 40 Male | $368 |
$400,000, Age 40 Female | $315.92 |
The 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?
There are three different options to begin the life insurance application process:
Work with an Independent Advisor
The most common way to apply is by working with an independent life insurance advisor. Here are the steps:
- Find an advisor near you using Ivari’s “Find an Advisor” search tool on their website.
- Set up a consultation to discuss your needs and insurance options. The advisor will recommend appropriate policies.
- Complete the application forms and supplementary questionnaires provided by the advisor.
- Be prepared to give information on your age, health, family history, lifestyle, finances, and insurance needs.
- Your advisor will submit the entire application on your behalf.
Get a Quote Online
You can also start by getting a free customized life insurance quote online through policy comparison sites like Lifebuzz.
- Answer a few quick questions about yourself to get an instant quote for policies.
- Compare the pricing to those of other top insurance providers.
- If interested, you can request a follow-up from an advisor on the quotes.
- The advisor can formally submit the application for the policy you choose.
Apply Directly
You have the option to apply directly by contacting Ivari’s head office.
- Call Ivari directly or submit a “Contact Us” form on their website.
- The insurer will match you with one of their licensed advisors.
- The advisor will provide the application, assist with any questions, and submit the completed forms on your behalf.
Whichever path you choose, the application process includes medical questions, a medical exam, and providing supporting documents. The underwriting team will review and provide an approval decision.
How is Ivari’s Life Insurance Customer Service and Claims?
When reviewing claims and servicing standards, policyholders can expect a positive experience:
- Google Rating: Ivari earns a strong 3.3 out of 5 stars based on 178+ reviews of their customer service.
- Complaint Ratio: Ivari maintained a low complaint ratio of 0.42 per $1 million of premiums in 2020, under the industry average.
- Timely Claims: Ivari advertises and is reviewed as paying out most approved life insurance claims within 5-10 business days.
- Online Support: Policyholders gain access to Ivari’s online portal for service needs, which includes live chat, forms, and account management.
How to Make a Claim with Ivari
You can make a life insurance claim by following these steps:
- Contact Ivari’s claims team by phone or email at claimsdepartment@ivari.ca.
- Notify them of the death and provide the policy number, full name of the deceased, and your contact details.
- The company will send a complete list of documents needed, such as a death certificate, policy contract, and proof of identity.
- Submit all claim forms and documentation through mail, fax, email, or their online portal.
- The insurer will review and process the claim once all requirements are met, issuing payment in 5-10 business days.
Overall, the policyholders can feel confident that the claims process will go smoothly and benefits will be paid out quickly if needed. Their customer service standards give great peace of mind.
What Are The Pros and Cons of Ivari Insurance?
Here are the main advantages:
- 90+ years as a trusted Canadian life insurance company with a strong brand reputation
- Competitive permanent universal life insurance rates, often among the lowest quotes
- Excellent financial strength (A+ rating) and over $11 billion in total assets
- Wide selection of life insurance and critical illness products to meet diverse needs
- Innovative Term 30 policy with SelectOptions at years 15-20 for flexibility
- Ability to bundle critical illness and other riders easily with life insurance
- Streamlined claims payout process, with most claims paid in 5-10 days
- Access to online tools and resources for self-service
- Policy management via online portal with chat, forms, and account access
Potential downsides to weigh include:
- Term life insurance rates tend to be slightly higher than competitors’ average
- Fewer whole life insurance options compared to other major Canadian insurers
- Some changes in ownership and rebranding over their long history
- Strict underwriting can lead to higher premiums for applicants in poor health
- Customer service responsiveness has drawn some complaints
- Less choice for riders and add-ons compared to others in the market
- Limited investment options for universal life cash value accounts
Overall though, the positives of Ivari’s expertise, financial stability, and varied product shelf make them a leading choice worth considering.
Is Ivari Insurance the Right Insurer for You?
Here are five key profiles of those who may find their insurance policies ideal:
- SeekingPermament Universal Life Insurance – If you need lifelong coverage with cash value upside, their competitively-priced universal life is tough to beat.
- Interested in Critical Illness Add-Ons – The company 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 – The 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 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.
Key takeaways:
- Ivari’s long history, financial strength, and wide range of insurance products have earned them a top reputation among Canadian life insurers.
- Their A+ rating and multi-billion dollar asset base provide confidence in their financial backing.
- For permanent universal life insurance or customizable term insurance, Ivari is absolutely an insurer to consider.
- Unique options like Term 30 and joint coverage add flexibility for certain situations.
- However, be sure to compare Ivari’s pricing to other top insurers like Beneva life insurance, Wawanesa life insurance, Co-Operators Life Insurance, UV Life Insurance, SSQ life insurance and more, as it may not always be the most affordable.
- Getting quotes to find the best value for your situation is key.
- Overall, Ivari is a highly recommended life insurance provider in Canada, especially for the right individual circumstances.
- Comparing quotes from Ivari and 15 other top Canadian life insurers allows you to maximize savings for your specific needs.
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:
For insight into our steadfast commitment to delivering accurate, transparent, and unbiased reporting, please examine the Editorial Policy on Lifebuzz.ca. It’s this dedication that has earned us the distinction of being the leading trusted authority on life insurance news in Canada.