Term Life Insurance
Permanent Life Insurance
No Medical Life Insurance Canada
Critical Illness Insurance
Mortgage Life Insurance
Guaranteed Issue Life Insurance
Key Takeaways:
- ivari is owned by the Canadian Pension Plan Investment Board, a Canadian Crown corporation.
- They offer a wide range of insurance including both term and permanent life insurance policies as well as investment solutions.
- Customers express appreciation for the company’s flexible term policies and expansive child life insurance plans.
- Some experience frustrating miscommunications with regards to their active policies.
- Previously did business under the name of Transamerica but changed to ivari.
In This Article
- ivari: Company Overview
- ivari: Pros & Cons
- ivari: Insurance Products
- ivari: Term Life Insurance
- ivari: Universal Life Insurance
- ivari: Other Insurance Products
- ivari: Investment Planning
- ivari: Company Satisfaction
- ivari: Customer Criticism
Frequently Asked Questions
Q: What term lengths does ivari offer?
A: ivari offers term life insurance in a few different lengths. They offer 10, 20 and 30 year term lengths. The length of the term determines how many years that the coverage and premiums are level/fixed for.
Q: Are ivari’s term life insurance rates guaranteed?
A: Yes, the rates (and coverage amount/death benefit) are guaranteed to stay level for the entire length of the initial term.
Q: How much life insurance coverage does ivari offer?
A: The amount of coverage offered by ivari ranges from $50,000 – $10,000,000 for Single Life policies and $100,000 – $10,000,000 for Joint Life policies.
Q: What is the average underwriting time for ivari?
A: There are a number of different factors that play a role in the length of time that it takes from when an application is submitted to when it is approved. On average, we see policies get approved with ivari within 5-10 business days after all of the outstanding application requirements have been met.
Q: Does ivari charge fees to cancel a life insurance policy?
A: No, there are no penalties or fees to cancel a life insurance policy from ivari (regardless if it is a term or permanent life insurance policy).
Q: Does ivari allow for varying payment intervals?
A: Yes, you can pay your insurance premiums on a monthly, quarterly, semi-annually, or annual basis. You will receive a discount if you pay annually compared to monthly (you save almost one month’s premium!)
Q: Does ivari allow for credit card payments?
A: No, ivari does not offer the ability to pay via credit card. Direct billing (instead of a pre-authorized debit) is an option if the client is paying quarterly, semi-annually, or annually.
Q: Are ivari’s Term Life Insurance products “convertible”?
A: Yes, like a majority of term life insurance sold in Canada, ivari’s term life insurance products are all convertible and can be converted to a permanent life insurance plan anytime prior to the policy anniversary closest to the life insured’s 71st birthday if the policy is still in force.
Q: Who can qualify for term life insurance through ivari?
A: Term life insurance applicants must be between the ages of 0 to 70 (10 Year Term), 0 to 60 (20 Year Term), or 0 to 50 (30 Year Term).
Q: Does ivari offer any permanent life insurance options?
A: Yes, ivari offers Universal Life Insurance with a couple of different plan types (see more below).
ivari Insurance: Company Overview
- Year Founded: 1927
- Head Office: 500-5000 Yonge St., Toronto, ON
- AM Best Rating: A
- Assets: $10B
- Annual Premiums: Approx. $872M
- Website: https://ivari.ca/
ivari has been making waves on the the Canadian insurance market in the last few years, but many people aren’t aware of it. This is partly because the ivari name is more or less brand new. ivari rebranded from its original company name, Transamerica Life Canada, in 2015. This was in part to distinguish itself from the (huge) Transamerica Corporation holding company. ivari is currently owned by the Canadian Pension Plan Investment Board (CPP Investment Board) headquartered in Toronto.
The CPP Investment Board is a Crown corporation, meaning it is wholly owned by the parliament (technically the monarch). Crown corporations are instrumental in providing goods and services to the Canadian public, including public transportation, energy infrastructure, and property development. These corporations operate at both the federal and provincial level to regulate museums, banks, dairy commissions, pension investments, and education boards among many other things. Although these state-owned organizations report to and are represented in Parliament, they and the companies they own can operate at arms length from the government itself. So, as a Crown corporation, the CPP Investment Board offers the stability of state-operated businesses while allowing ivari to conduct its business pretty much independently.
The CPP Investment Board mostly deals in (surprise surprise) investments. They invest huge amounts in private equity and property, including some staple retail stores. To give you an idea of their investment portfolio: the Board owns 50% of Petco (USA), 50.01% of Ontario Highway 407, and 19.8% of Entertainment One, for all The Walking Dead fans out there.[1] This impressive array of acquisitions has left the CPP Investment Board with an incredibly solid financial base and they currently hold $434.4 billion in assets under management.[2] This is important to know because it confirms that, despite its relatively young age, ivari has a phenomenal financial backer. This also justifies ivari’s multiple high scoring financial ratings.
Continue reading to learn more about the individual insurance products which ivari offers to Canadians.
ivari: Pros & Cons
| Pros | Cons |
– Competitive range of insurance products to choose from which includes term, universal life and critical illness. – Ability to convert 30-year term coverage to permanent coverage at renewal time. – Preferred underwriting starts at age 16 and is offered at coverage starting at $250,000. – Can qualify for up to $1,000,000 of life insurance coverage without a medical exam if you are under the age of 50. – Joint first and last-to-die policy options for up to five insured lives. – Allows for joint policies to be split into individual single life insurance policies. | – The costs for certain insurance policies are above average when compared to competitors. – Lacking behind other companies when it comes to electronic delivery of documents and online access. – Term lengths are only available in 10, 20 and 30 year terms whereas other companies (e.g. – RBC and Industrial Alliance) allow you to choose the exact length of the term between 10 and 40 years. – Limited options for permanent life insurance as ivari does not offer a participating whole life insurance product (only universal life insurance). |
ivari Insurance: Insurance Products
ivari specializes in life insurance sales. They deliver a limited range of top-quality insurance policies in several standard formats: term life insurance, universal life insurance, and critical illness insurance. Let’s take a closer look what each of these has to offer you, the customer.
ivari: Term Life Insurance
Term life insurance specifies a certain amount of time (10, 20, or 30 years) and offers you customizable insurance coverage for the duration of this term. There are multiple advantages to term insurance:
- Affordability: Term insurance is by far the most affordable kind of policy, and many consider it the best value for money.
- Time Sensitive Needs: You may want an insurance policy to take care of specific expenses, such as a mortgage. In this case, term insurance is ideal and avoids you having to spend money on premiums for longer than strictly necessary.
- Great for First-time Buyers: Most people tend to purchase their first instance policies around the age of 30. At an age where you may be juggling a career, young children and housing cost, the last thing you need is an expensive insurance policy. So, if you are young and in good health, term insurance is almost certainly your best bet.
ivari’s term insurance policies come in three versions:
ivari: Term 10
- If you need a finite policy to cover you as you pay off a specific debt, this could be ideal.
- Renewable at the end of the term
- Convertible to permanent life insurance
- Coverage amounts available from $50,000 to $50,000,000
- Ability to add critical illness riders
- Can qualify for coverage up to $1,000,000 without a medical if you are under the age of 50.
- Can qualify for coverage up to $500,000 without a medical if you are under the age of 55.
- Similarly, if you’re unwilling to commit in the longer term to one insurance provider and are still testing the waters, this shorter 10-year term gives you the opportunity to see if ivari is right for you.
- Shorter life insurance policies are also ideal for layering. This is when you take out multiple insurance policies of varying length to cover expenses as you age. Generally, the older we get, the less money we need because our financial dependents become independent. Here’s an example. Let’s say you get a permanent policy for a set amount. You can then layer a 10 year term policy over this permanent coverage to increase you coverage amount in that shorter term. If you have children who might need help paying off school, or housing/car loans, this could be perfect.
ivari: Term 20
This middle policy is made for those who feel they are nearing total financial security. If have invested a lot of your time in planning your financial future, you might feel confident that you will be happily retired with a solid pension, good savings, a paid-off mortgage, and independent kids.
If this is the case then, first and foremost, lucky you! Second, you might not need any additional protection in the event of your death beyond the 20-year term. So, you can enjoy excellent coverage while you need it and save money once your policy has ended and you’re all set.
- Renewable at the end of the term
- Convertible to permanent life insurance
- Coverage amounts available from $50,000 to $50,000,000
- Ability to add critical illness riders
- Can qualify for coverage up to $1,000,000 without a medical if you are under the age of 50.
- Can qualify for coverage up to $500,000 without a medical if you are under the age of 55.
ivari: Term 30
This is the longest of all Ivari’s term insurance policies. If you have a longer-running debts payable over 25 or 30 years, you will want an insurance policy to match. Furthermore, Ivari’s 30 year term insurance includes three key features that reward customers after a minimum of 15 years:
- Select30: If you feel paying your premiums is becoming a struggle, this feature allows you to decrease your insurance amount and stop paying premiums until your policy expires. So, you’ll still be covered and experience the benefits of life insurance without having to pay.
- SelectLIFE: Similar to Select30, this feature allows you to suspend your payments for less insurance coverage. Only this time your decreased coverage won’t end when your policy does, it will extend for life. In addition to this permanent coverage, SelectLife also offers compensation for any final expenses.
- SelectValue: If you need to tap into the money you’ve intended to pay your premiums with, SelectValue is here to help. In exchange for you decreasing or surrendering your coverage amount, you can access the cash value of your policy. If you still want to hold onto full coverage, simply convert to a universal policies and transform this cash value into tax-deferred bonus credit.
- Convertible to permanent life insurance
- Coverage amounts available from $50,000 to $50,000,000
- Ability to add critical illness riders
- Can qualify for coverage up to $1,000,000 without a medical if you are under the age of 50.
- Can qualify for coverage up to $500,000 without a medical if you are under the age of 55.
It’s important to remember that all three term-life insurance policies come with the option to convert to permanent coverage at any time while you have the policy.
ivari: Universal Life Insurance
Universal life insurance is a type of permanent insurance, meaning that — as long as you keep up with the premium payments — you get coverage from the day you receive your policy until your death whenever that is. The difference between standard permanent insurance and universal coverage is the access to savings and investments.
ivari provides two options for universal life insurance- ivari Universal with bonus and ivari Universal without bonus.
ivari Universal with bonus is an ideal product for clients who are younger in age and have a longer term investment outlook. It provides a “accumulation bonus” which is credited to the investment account every year starting in the second year of the policy. The fixed bonus rate is 0.75%. There are also performance bonuses which is a variable, but guaranteed bonus which is credited every year at the beginning of the start of year two of the policy. This bonus has a minimum and a maximum which fluctuates depending on the policy year.
ivari Universal with no bonus is more suitable for those who prefer to have more control over their investment choices within their policy over the short and/or long term. Since there are no bonuses, there are discounts in fees in exchange for not having any bonuses.
Here are some key aspects of ivari’s universal life insurance product to keep in mind:
- Built-in Savings Plan: Part of your premium payments will be invested and accumulate cash value over your lifetime. This means:
- You get to build assets for your estate and beneficiaries. By growing your personal wealth, you will directly increase your beneficiary’s benefit.
- Since you don’t want your beneficiaries to reap all the benefits, rest assured your policy will also help over your lifetime. Your savings bolster your retirement account to protect you from any unexpected costs, such as long-term care or sudden disability.
- There are also additional living benefits. With a universal life insurance policy, you will be able to access the fund value of your plan tax-free. You can use this for future payments, to cover disability expenses, or let it continue to accumulate value.
- Ivari’s Compassionate Assistance Program (CAP) lets you maximize your Living Benefits. You can borrow money against your savings if you should be diagnosed with a critical illness or a terminal injury that puts your life expectancy at less than 24 months.
There are several riders you can add to your policy that let your optimize your coverage. Some of these include:
- Critical Illness Protection: More on this in the following section!
- Level Cost of Insurance: This rider guarantees that your premiums remain fixed until your 100th birthday and so enhances your tax deferral opportunities. It is only available on certain kinds of universal polices.
- Payor Waiver of Monthly Deductions: This add-on makes children’s life insurance policies exempt from monthly insurance and administration charges if the person paying for the policy dies before age 65. These fee wavers apply until the child turns 25.
- Children’s Insurance: This gives you discounted rates on life insurance policies on your children and guaranteed coverage for them if they choose to purchase their own coverage as adults.
- Term Riders: As previously mentioned, layering policies is quite popular. This rider lets you do so easily for a 10, 20, or 30 term, although the 30 year add-on does not include the SelectOptions.
- Waiver of Planned Premiums: If the policyholder becomes completely disabled (eg. paralyzed) before age 65, this rider waives planned premiums.
- Accidental Death and Dismemberment: This guarantees an extra benefit (more money) if the insured party is accidentally dismembered or killed.
So now onto the last stand-alone product at Ivari: Critical Illness Insurance.
ivari: Other Insurance Products
ivari Critical Illness Insurance
Thanks to modern medicine, critical illnesses no longer mean a terminal diagnosis. But they might mean financial strain if your income is affected and you need to pay for unexpected treatment or care costs. Ivari’s critical illness benefit pays out a tax-free lump sum upon your diagnosis which you can then use to ease the strain of travel and treatment costs. Or, you could use it to buy a lifetime supply of your favourite socks — once the money is yours, you can spend it how you see fit!
Critical illness coverage is usually purchased alongside permanent life insurance for the same reason people layer term plans: to maximize the amount of insurance money you and your family might receive. Some of the key benefits included in critical illness coverage include:
- Protection Benefit: This is that lump sum we mentioned.
- Early Detection Benefit: For certain conditions, Ivari provides an additional lump-sum payment upon your diagnosis.
- Expert Medical Opinion Service: This allows you access to some of the leading physicians in the world who will review your condition and advise your doctor. This benefit also extends to your family.
- Return of Premium on Death: a one-time, lump-sum payment upon the death of the insured. It is not payable if the Critical Illness Benefit has already been paid or is payable.
There’s one other service Ivari offers its customers — and its pretty invaluable:
ivari Investment Planning
- Ivari believes financial planning is vital and should be accessible to everyone. Their website has a range of handy resources for those beginning to consider life insurance. You will find valuable information with regards to:
Creating assets for your children to help alleviate and tax burdens through your insurance policy. - How to make your insurance policy fit perfectly into your retirement savings plan to help you realize your golden-year dreams.
- How your insurance policy can help you with protect your mortgage.
There is also an intuitive interactive “My Insurance View” tool that will give you an idea of exactly what kind of policy and how much insurance might best suit your needs.
ivari: Customer Satisfaction
Because of their impressive financial background, customers with Ivari enjoy the security of working with an established firm. Ivari’s children life insurance policies are particularly impressive, especially considering not many insurance companies carry this range of minor-specific plans. Along the same lines, customers are also pleased at Ivari’s flexible 30 year term insurance options. Generally, term insurance tends to be pretty rigid and sometimes difficult to customize, but that’s not the case here!
ivari: Customer Criticism
Criticisms of ivari are a little mystifying. Keeping in mind people usually take to leaving reviews to air their grievances, there seems to be a fair about of miscommunication happening. Many clients report being unable to reach the company with concerns about their payments and policies. There is also no digital access to polices though the Ivary website which can be frustrating when the company is unresponsive. That being said, online criticism should always be taken with a grain of salt and is no substitute for reaching out to the company itself!
There we go! The full rundown on ivary. We hope this has been useful to you!
