Ivari Life Insurance Review 2021

Ivari has been in business for over 90 years. Read this Ivari Life Insurance review to find out if it is the right insurer for you.

April 1, 2021

A good 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

Who is ivari?

ivari, previously known as Transamerica Life Canada, is owned by the Canada Pension Plan through Wilton Re. 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

Toronto
  • Founded: 1927
  • Head Offices: Downtown Toronto, ON
  • AM Best Financial Strength Rating: A+
  • Financial Assets: $12 billion
  • Insurance Premiums: ~$850 billion annually

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 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 ★★★★

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 looking 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
  • Renewable 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
  • Renewable every 20 years to age 80
  • Coverage amounts available (for single life) from $50,000 - $10 million
  • Option to the add critical illness rider

ivari Term 30

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 life 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

ivari Critical Illness Insurance

Thanks to modern medicine, these days many people can survive a critical 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 critical illness insurance 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 insurance 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 life insurance riders:

  • Critical Illness Protection – The insurer pays a lump-sum benefit if you are diagnosed with one of the covered illnesses.
  • Child Insurance Rider – Provides low-cost coverage for the insured’s children. Once the child turns 18, they have the option to convert it to permanent life insurance 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 all 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 $40,000 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 $402.66 $266.58
65 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. A carryover from Transamerica Life Canada, 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.

What We Did Not Like About ivari Insurance

Pricier Term Insurance

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?

Life insurance contract

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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