A great life insurance policy is essential for protecting your family against life’s what-ifs.
If you are looking for a top insurer in Canada, you may want to consider ivari Insurance. ivari offers a range of life insurance products to suit the needs of varied people.
Keep reading our ivari Life Insurance Review to find out if they are the right choice for you.
Pros
Cons
Strong Financially
Pricier term life rates
30 Term has some unique features
No whole life policy
Joint insurance option for up to five insured lives
No digital policy option
Multiple term options
You'll learn:
Keys Takeaways
ivari offers a unique Term 30 plan with three interesting inbuilt options.
ivari is more expensive than some of its competitors, but does offer some unique features.
ivari does not provide electronic delivery of documents or online access.
Who is ivari?
ivari is owned by Canada Pension Plan (CPP) through their Wilton Re acquisition. A reinsurance company, Wilton Re specializes in the acquisition and management of investment and mortality risk. ivari offers a range of life insurance and critical illness plans through independent advisors.
ivari Insurance Facts & Financial Information
The Facts
Founded in 1927
Headquartered at 500-5000 Yonge St, Toronto, ON
Financial Information
$12 billion in Financial Assets
~$850 billion in annual insurance premiums
AM Best Financial Strength Rating: A+
It is important to check an insurer’s financial strength ratings before signing up. After all, picking a company that is not financially stable could mean losing your investment and having to buy a new policy with another insurer.
Thankfully, if you buy a policy from ivari, you can rest easy knowing your investment is in good hands. ivari received the second-highest financial strength rating of A+ from the credit-rating agency AM Best in 2021.
ivari Life Insurance Reviews
Online life insurance reviews are not always a good representation of an insurance company as a whole. You cannot be sure how much you can trust these reviews to be accurate.
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 one thing or another.
All the same, ivari manages to maintain a high score and good reviews (2.7 out of 5) from their customers on Google Reviews. Which is not insignificant as many top insurers fail to manage this often-receiving scores of less than 2 stars.
Ivari Life Insurance Review:
Customer Complaints: 2.7 / 5 based on Google Reviews
Dundaslife.com Rating: 4.0 / 5 stars ★★★★
Is Ivari Legit?
Not only does Ivari have an excellent financial strength rating but, they have also been a solid life insurance provider for nearly a century. If you are looking for a trustworthy life insurance company with a great reputation, Ivari is the way to go.
Products and Features
There is a limited range of life insurance plans offered by Iivari in the usual formats: term life insurance, critical illness insurance, universal life insurance.
ivari Term Life Insurance
ivari offers term life insurance for these periods — 10, 20, and 30 years. All the term life plans come with level and guaranteed premiums for the term duration. That is, your premium rate will remain the same throughout your term.
These term life insurance plans are available as a single or joint policy (maximum five insured lives).
ivari Term 10
A 10-year term life policy could make sense for:
Homeowners who want to cover the last few years of their mortgage
Couples looking for a cost-effective insurance option
Business owners looking to cover start-up and overhead costs
Features
Convertible to permanent life insurance
Can be renewed every 10 years to age 80
Coverage amounts available from $50,000 - $10 million
Option to add the critical illness rider
ivari Term 20
The term 20 plan may be a good option for:
Individuals looking for affordable insurance coverage with future flexibility
Families with a mortgage
Business owners who want to cover start-up and overhead costs
Features
Convertible to permanent life insurance
Can be renewed every 20 years to age 80
Coverage amounts available (for single life) from $50,000 - $10 million
The longest of all term policies offered by ivari, Term 30 is designed for:
Individuals looking for affordable insurance coverage with future flexibility
Families or individuals looking to cover their mortgage
Young families looking for cost-effective coverage
A carryover from Transamerica Life Canada, the Term 30 plan features three interesting inbuilt options that become available between policy years 15 and 20.
Select 30 – Lets you reduce the benefit amount and suspend premium payments until the term ends.
SelectLIFE – Lets you suspend premium payments for less coverage for the rest of your life.
SelectValue - Gives you the option to access cash value attributed to your policy.
Features
Convertible to permanent life insurance
Renewable at the end of the policy term
Coverage amounts available (for single life) from $50,000 - $10 million
Option to add the critical illness rider
ivari Universal Life Insurance
Universal life insurance provides coverage for life, builds cash value, and a lot of flexibility. For example, you can increase or reduce your premiums and adjust the death benefit — within certain limits — according to your needs. Universal life insurance policies also let you pick investment options that suit your investment goals.
You can buy ivari Universal insurance as a single or joint policy.
Features
Coverage amount available from $25,000 to $10 million
Option to add critical illness rider and other add-ons
Find the best rates
Compare quotes from Canada's top life insurance companies in no time.
Thanks to modern medicine, these days many people can survive a serious illness — but the financial impact can be devastating. This is where critical illness insurance comes in. It ensures medical bills do not drain your retirement savings if you develop a serious illness.
ivari offers two plans: 4-condition coverage and 25-condition coverage. The 4-condition coverage is a more affordable option and covers:
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 are looking for a comprehensive critical illness policy, this may be the right option for you.
Features
Level premiums
Coverage amount available from $25,000 to $2,000,000
Early Detection Benefit - Provides a lump-sum payment if you are diagnosed with certain conditions
Return of Premium on Death Benefit - Provides a lump-sum payment in the event of the insured’s death
Expert Medical Opinion Service – Access some of the world’s top doctors who will review your case and advise your physician
ivari Life Insurance Riders
Riders are add-ons that allow you to tweak your insurance coverage to suit your needs, usually for a small fee. ivari offers the following riders:
Critical Illness Protection – The insurer pays a lump-sum benefit if you are diagnosed with a covered critical illnesses (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 minor and the payor stated in the policy becomes disabled, this rider waives any future premiums.
Term riders – You can buy additional life insurance for a specific term over and above your basic coverage.
ivari Term Life Insurance Rates
Term life is a good option for most people. It is more affordable than other life insurance products and provides coverage for only those years when you need it most. We collected quotes from ivari to compare their rates.
Here are the monthly premium rates for non-smoking, healthy men and women of different ages. These quotes are $400,000 coverage over a 20-year term length.
Age
Male
Female
20
$30.06
$22.86
25
$30.06
$23.58
30
$32.94
$29.70
35
$37.98
$34.02
40
$49.86
$41.22
45
$82.26
$58.86
50
$134.46
$94.86
55
$238.14
$162.54
60+
Contact Us for Options
Contact Us for Options
Term Life Insurance Review – Price Comparison vs. Competitor Products
We compared ivari against Sun Life to find out who is cheaper. What we found was there is really not much to choose between the two price-wise.
Example 1: 40 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
ivari Insurance $400K - $49.86
Sun Life $400K - $50.13
Cost Savings over 20 years: $65
Why We Like ivari Insurance
Financially Solid
ivari has been in the business for over 80 years. AM Best has rated them A+. To top it all, ivari — previously called Transamerica Life Canada — is owned by the Canada Pension Plan, one of the world’s best retirement funds. Need we say more?
Unique Term 30 options
No ivari life insurance review would be complete without mentioning their Term 30 plan. It features three interesting inbuilt options that give policyholders a lot of flexibility. Between years 15 and 20 of your policy, you can choose to:
reduce the benefit amount and suspend premium payments until the term ends
suspend premium payments for less coverage for the rest of your life
access cash value attributed to your policy
Joint insurance option for up to five insured lives
With ivari, you can take a joint life policy to cover the lives of five people. Most insurers, in contrast, provide coverage for only two individuals.
The costs for ivari’s term life plans are above average when compared to competitors.
No Digital Policy
ivari does not provide electronic delivery of documents and online access. Most other insurers do.
No Whole Life Policy
A whole life insurance plan is missing from ivari’s product range.
Conclusion – Is ivari Insurance Right for You?
ivari Insurance has some good term life, universal life, and critical illness plans. Its financial strength also is almost as good as it gets. However, it rates for some insurance products are above average when compared to its competitors. If you do not mind that, ivari is definitely worth considering.
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