Ivari Life Insurance Review

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

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!

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 $10.9 billion in total assets under management and total premium revenue of $910 million in 2020. 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.

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

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 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.

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
  • Accidentl 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 71

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 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 standalone product.

Ivari offers either 4-condition coverage or 25-condition coverage for their Critical Illness Protection product.

Key Highlights:

  • Offered in term 10, term 20, and term to age 65
  • Term 10 and term 20 Critical illness coverage are renewable and expire at age 75
  • Available as single life and multiple life plans
  • 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 Benefit has been paid)

Additional riders:

  • Waiver of Premium
  • Payor waiver of premium

ivari Insurance Customer 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, including areas such as London, Cambridge, Mississauga, Ottawa, and Barrie.

Talk to an advisor today.

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