Ivari Life Insurance Review

Learn more about Ivari life insurance in Canada. Talk to one of our experienced advisors, today!

7 Minute read

2021 ivari Insurance Company Review. Ivari has a financial strength rating of A+ from AM Best Company and an overall 4/5 star rating from Protect Your Wealth.

Ivari Life Insurance Review.

Learn more about Ivari life insurance in Canada. Talk to one of our experienced advisors, today!

7 Minute read

SSQ Life Insurance Review Canada

Ivari has been providing life insurance solutions for the past 80 years, and has impressive financial backing from their parent company the Canadian Pension Plan Investment Board, making their financial strength rating of A+ from AM Best Company. They’re one of the best insurance providers in Canada, with $11 billion in total assets under management and total premium revenue of $968 million in 2021. They offer 10 year, 20 year, and a 30 year term life insurance with unique features, but they lack a whole life insurance policy product, thus leading us to the rating of 3.5/5 stars from Protect Your Wealth.

Company Overview

ivari Insurance, founded in 1927 is owned by the Canadian Pension Plan Investment Board (CPP Investment Board) through Wilton Re. They were originally known as Transamerica Life Canada, until 2015 when they were acquired by Wilton Re and renamed to ivari. Wilton Re is a reinsurance company that specializes in the acquisition and management of investment and insurance risks. With headquarters in Toronto, ivari has offices in Vancouver, Calgary, London and Montreal to serve Canadians across Canada. 

If you’re interested in a company that gives back to your community, ivari focuses on funding charities that are dedicated to the prevention and elimination of heart disease, stroke, cancer and diabetes. They’re also partnered with United Way Centraide Canada, where during their annual fundraising campaign, they match dollar-for-dollar funds raised by their employees. They also hold events throughout the year to raise additional funds for local United Way chapters.

ivari Life Insurance Pros

  • Financially strong
  • Joint insurance option for up to five insured lives
  • Multiple term options
  • Single and joint life coverage can be mixed and placed on the same term policy
  • Great for layering policies

ivari Life Insurance Cons

  • No digital access to policy
  • No whole life insurance policy
  • Term life policies can be pricey compared to other competitors

ivari Life Insurance Products

ivari life insurance term insurance products

ivari Life Insurance Riders

Riders are add-ons that allow you to tweak your insurance coverage to suit your needs, usually for a small additional fee. ivari offers the following riders on their products:

  • Critical Illness Protection – You receive a lump-sum benefit if you are diagnosed with a covered critical illness (e.g. a heart attack)
  • Child Insurance Rider – Offers affordable coverage for the insured’s children. Once the child turns 18, they have the option to convert to whole life without a medical exam
  • Accidental Death and Dismemberment – Pays an additional death benefit to your beneficiary in the event of death or dismemberment due to an accident
  • Waiver of Premium – Waives off future premium payments if the insured becomes disabled
  • Payor Waiver of Premium – If the insured is a minor and the payor stated in the policy becomes disabled, this rider waives any future premiums
  • Term riders – You can buy additional term life insurance over and above your basic coverage, making layering policies easy. You can add a 10, 20, or 30 term, although the 30 year add-on does not include the SelectOptions.

ivari Insurance Term Life Insurance

ivari offers term life insurance in 10 year, 20 year, and 30 year terms. Their 30 year terms have a few options to pick from.

This product is a 10-year term product that is ideal for layering with other ivari life insurance products. Their Term 10 product is a good fit if you need insurance protection for a short amount of time to cover specific debt, such as the last few years of your mortgage, start-up and overhead costs for a business, or just a for a cost-effective insurance option.

Key Highlights:

  • Coverage up from $50,000 to $50,000,000 for single life policies
  • Renewable every 10 years until age 80
  • Convertible into permanent life insurance until age 71

Optional add-ons:

  • Children’s insurance rider
  • Accidental death and dismemberment
  • Waiver of Premium (Single Life policies only)

This product is a 20-year term product that is ideal for those looking to cover income replacement and debts like loans or mortgages. It may be a good option for individuals looking for affordable insurance coverage with future flexibility, or business owners who want to cover start-up and overhead costs.

Key Highlights:

  • Coverage up from $50,000 to $10,000,000 for single life policies
  • Renewable every 20 years to age 80
  • Convertible into permanent life insurance until age 71

Optional add-ons:

  • Critical illness rider
  • Children’s insurance rider
  • Accidental death and dismemberment
  • Waiver of Premium (Single Life policies only)

TERMSelect 30 is ivari’s innovative term offering that has 3 different options to choose from, which are available from the 15th coverage anniversary until the 20th coverage anniversary.

Key Highlights:

  • Coverage up from $50,000 to $10,000,000 for single life policies
  • Renewable every 30 years at level premiums to age 100
  • Convertible into permanent life insurance until age 90

Optional add-ons

  • Critical illness rider
  • Children’s insurance rider
  • Accidentl death and dismemberment
  • Waiver of Premium (Single Life policies only)

SelectOPTIONS include:

  • Select30: Allows clients to stop paying premiums and reduce the amount of insurance coverage for the remainder of their 30-year term
  • SelectLIFE: offers a paid-up lifetime final expense coverage with the ability to stop paying premiums, reduce the amount of your insurance coverage and extend it for life
  • SelectVALUE: allows you to access the policy cash value by decreasing the coverage or converting to a universal life policy

ivari Term Life Insurance Rates

Term life is a good option for most people, because of its flexibility and affordability compared to other life insurance products, and provides coverage for only those years when you need it most. Below is a chart of ivari’s term life insurance rates for ages 35-60 years for a 10 year term policy with coverage of $500,000.

2022 monthly quote rates for term life insurance
ivari life insurance permanent insurance products

ivari Permanent Life Insurance

Permanent life insurance provides coverage for life and builds cash value. Ivari only offers universal life insurance, but their universal life insurance comes with two options: with bonus and no bonus. Both of these options allow policyholders to change their premiums, death benefit and investment options as their needs change, and add additional riders and benefits that suit their protection needs and budget.

ivari Universal with bonus is ideal for clients that are younger and have a long-term investment outlook.

Key Highlights:

  • It provides an “accumulation bonus” which is credited to the investment account every year starting in the second year of the policy at a fixed rate of 0.75%. There’s also a Performance bonus, which is based on the performance of the funds chosen
  • Available as a single or joint policy
  • Coverage available from $25,000 to $20,000,000
  • Includes Living Benefits and Compassionate Assistance Program (CAP) benefits at no extra cost

Optional additional benefits:

  • TERMSelect Riders (10 year, 20 year, or 30 year)
  • Critical Illness Protection Rider (not available on Joint Life plans)
  • Accidental Death and Dismemberment rider
  • Children’s Insurance Rider
  • Waiver of Premium rider

ivari Universal no bonus is ideal for clients who prefer to have control over their investment choices over the short and/or long term. Since there are no bonuses, there are discounts in fees in exchange for not having any bonuses.

Key Highlights:

  • Available as a single or joint policy
  • Coverage available from $25,000 to $20,000,000
  • Includes Living Benefits and Compassionate Assistance Program (CAP) benefits at no extra cost

Optional additional benefits

  • TERMSelect Riders (10 year, 20 year, or 30 year)
  • Critical Illness Protection Rider (not available on Joint Life plans)
  • Accidental Death and Dismemberment rider
  • Children’s Insurance Rider
  • Waiver of Premium rider

Talk to an advisor today.

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Other Life Insurance Products

ivari offers Critical Illness Insurance Protection as a rider to term or permanent life insurance plans, but also as its own standalone product. Critical illness protection helps you pay medical bills so that you do not drain your retirement savings if you develop a serious illness.

Critical Illness Protection

Ivari offers either a 4-condition coverage or 25-condition coverage for their Critical Illness Protection product. The 4-condition coverage option covers the following conditions: 

  • Heart attack
  • Cancer
  • Stroke
  • Coronary artery bypass surgery

The 25-condition coverage covers all these conditions and 21 others, including blindness, severe burns, and loss of speech. If you’re not sure if critical illness is right for you, check out our guide on critical illness or talk to an advisor. 

Critical Illness Protection from ivari provides a lump-sum Critical Illness Benefit when you are diagnosed with a covered condition (either of the 4 or 25 conditions, depending on which plan you choose) and you survive the 30-day survival period. The money you receive can be used however you choose, without restrictions.

Key Highlights:

  • Offered in term 10, term 20, and term to age 65 with level premiums
  • Term 10 and term 20 Critical illness coverage are renewable and expire at age 75
  • Available as single life and multiple life plans
  • Coverage amount available from $25,000 to $2,000,000
  • Critical Illness Protection Benefit: a one time lump sum payment upon diagnosis of a covered condition and survives the 30-day survival period
  • Early detection benefit: a one time lump sum per policy upon diagnosis of one the the Early Detection covered conditions and survives the 30-day survival period
  • Return of Premium on Death benefit: a one time lump sum payment upon the death of the insured (not payable if the Critical Illness Protection Benefit has been paid)
  • Virtual Healthcare by Maple – Access some of the Canada’s top doctors who will review your case and advise your physician

Additional riders:

  • Waiver of Premium
  • Payor waiver of premium

ivari Insurance Customer Reviews

Finding reviews for insurance companies can be tricky, as taking online life insurance reviews at face value will not always be a good representation of an insurance company as a whole. Statistically speaking, people share their bad experiences more often than their good ones, which means, in a review section, you are likely to come across many customers who were not fully satisfied with something or encountered a bad experience. Despite this, ivari manages to maintain a score of 2.7 and receives some good reviews from their customers on Google Reviews, compared to many other insurance companies who often receive scores of less than 2 stars.

From these reviews, many ivari clients are satisfied with their experience with the company:

  • Enjoy the security of working with an established and financially stable firm
  • Enjoy the flexible and customizable 30 year term insurance options

However, some customers have been found that:

  • The customer service can be lacking with miscommunication errors
  • Unable to reach the company with concerns about their payments and policies
  • There is no digital access to policies

Get In Touch With Us Today

If you’re not sure of what’s the best insurance plan for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical life insurance, term life, critical illness insurance, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for you and your family, or business that covers and meets your needs.

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based in Dundas, and service clients anywhere in Ontario and British Columbia, including areas such as Cambridge, Mississauga, Burnaby, and Maple Ridge.

Talk to an advisor today.

Best Life Insurance Quotes Canada