There are a lot of life insurance policies on the market these days. While this may seem like a good thing, it can also be overwhelming and confusing to figure out which policy is right for you.
If you are looking for life insurance policies that offer competitively priced coverage, you should consider Ivari Life insurance. Ivari Life Insurance has been around for over 90 years and has a reputation for being reliable and affordable.
This Ivari Life Insurance review looks at what the company offers, its pros and cons, and its unique features. It’s essential to understand what the company and its products entail before making a decision. This will help you decide if it’s the right choice for you.
So, what exactly is Ivari Life Insurance, and should you consider purchasing it? Let’s take a closer look.
What is Ivari Life Insurance Review?
Ivari Life Insurance was formerly called Transamerica Life Canada until 2015 when the company was acquired by the Canada Pension Plan Investment Board through Wilton Re and rebranded to Ivari.
Wilton Re is a reinsurance company based in Bermuda that focuses on the senior market, worksite, and simplified term products.
Ivari Life Insurance offers a range of life insurance plans, including term life, critical illness, and universal life insurance products. Their products are distributed across Canada through thousands of independent advisors.
The company offers term life insurance plans on 10, 20, and 30-year terms, with coverage between $50,000 and $10 million.
Though the costs of insurance for Ivari Life Insurance may be a little higher than other large insurance companies in Canada, Ivari Life Insurance offers products with unique features, guaranteed level, and decreasing premiums.
Quick Facts and Information about Ivari Life Insurance
- Founded in 1927
- Headquartered in Toronto, Ontario
- Assets: $12 billion
- Annual Premiums: $850 billion
Benefits and Downsides of Ivari Life Insurance Review
Ivari Life Insurance has pros and cons like every insurance company in Canada. You should consider the pros and cons before deciding which policy to buy.
Pros
- The company is financially stable
- It offers multiple term life insurance options
- It provides a good number of optional riders
- The Term 30 plan offers unique flexibility upon maturity
- It allows you to buy joint insurance for up to five insured lives
Cons
- Their term life insurance plans are costlier than other insurers
- They don’t offer electronic delivery of policy documents
- They don’t have whole life insurance plans
Products and Features
Ivari Life Insurance offers Canadians a limited range of term life, critical illness, and universal life insurance plans. Each of its products has unique features that distinguish them from other insurance companies in Canada.
Ivari Term Life Insurance
Ivari Life Insurance offers three term life insurance products to Canadians looking for life insurance for specific periods. You can use the policies to cover mortgages or your children until they become independent.
These term life insurance policies offer level and guaranteed premiums, which means your premiums stay the same throughout the policy term. Also, the term life insurance products are available as single or joint policies.
Term 10
Ivari Life Insurance offers this product to Canadian homeowners looking to cover the last few years of their mortgage, Canadian couples looking for cost-effective insurance options, and business owners looking to cover overhead and start-up costs.
Features
- This policy is perfect for laddering (combining the policy with other types of life insurance products like whole life)
- It offers coverage of $50,000 to $10 million
- It provides coverage for Canadians between the ages of 0 to 70
- You can renew the policy every ten years up to age 80
- You can convert the policy to a permanent life insurance
- It allows optional riders like critical illness rider
Term 20
Ivari Life Insurance offers this product to Canadians looking for affordable and flexible coverage, young Canadian families with a mortgage, and business owners looking to cover start-up costs.
It is perfect for families looking to cover income replacement and debts, especially when their children are young.
Features
- The policy offers coverage to Canadians between the ages of 0 to 60
- It provides coverage of $50,000 to $10 million
- You can renew the policy every 20 years up to 80
- You can convert the policy to permanent life insurance
- It allows optional riders like critical illness rider
Term 30
Ivari Life Insurance offers this product to Canadians looking for affordable life insurance with future flexibility, young Canadian families looking for insurance to cover their mortgages, and those looking for cost-effective coverage.
The Term 30 plan offers three interesting inbuilt features that you can select from. These features become available when the policy reaches between 15 and 20 years.
- The Select 30 allows you to reduce the policy’s death benefit amount and suspend your premiums until the term ends.
- The SelectLIFE allows you to suspend your premiums to get less coverage for the rest of your life.
- The SelectValue allows you access to the cash value attributed to your life insurance policy.
Features
- The policy offers coverage to Canadians between the ages of 0 to 50
- It provides coverage of $50,000 to $10 million
- You can renew the policy at year 30 and get level premiums up to age 100
- You can convert the policy to permanent life insurance
Ivari Universal Life Insurance
Ivari Life Insurance offers universal life insurance products to Canadians looking for life insurance lifelong coverage with cash value and lots of flexibility.
The policy allows you to increase and reduce your premiums and adjust your death benefit according to your needs. However, you can only adjust them within a specific limit.
Also, these universal life insurance plans let you pick investment options that match your investment goals. You can decide how your cash value is invested.
Features
- It allows you to buy a single or joint policy (First to die and Last to die)
- The policy offers minimum coverage of $25,000 (single life) and $100,000 (joint plan)
- It provides maximum coverage of $10 million
- It offers optional riders like critical illness, accidental death and dismemberment, and children’s insurance rider.
Ivari Critical Illness Insurance
Ivari Life Insurance offers critical illness insurance plans to Canadians who survive a severe illness but cannot afford the financial impact. Critical illness insurance covers the medical bills, so you don’t drain your retirement savings.
Ivari Life Insurance offers two critical illness insurance plans: the 4-condition coverage and the 25-condition coverage.
The 4-condition coverage offers coverage for heart attack, cancer, stroke, and coronary artery bypass surgery. It is a more affordable option.
The 25-condition coverage offers for all illnesses covered by the 4-condition coverage and 20 other illnesses. It is a more comprehensive critical illness option.
Features
- The policy offers coverage for 10, 20, and 65 years
- It provides coverage for Canadians between the ages of 15 days and 65 years
- It provides coverage of $250,000 to $2 million
- You can convert the policy before age 60
- It includes Early Detection Benefit
- It requires traditional medical underwriting
- It provides level premiums throughout the policy term.
- You can renew your policy
- It has Return of Premium on Death Benefit
- It grants you access to top doctors who will review and advise your physician
Riders Offered By Ivari Life Insurance
Life insurance riders are additional components that let you tweak your insurance policy to fit your financial and individual needs. They usually come at an extra fee.
Ivari Life Insurance offers the following riders:
- Child Insurance Rider: This offers affordable coverage for your children. Your children can convert the rider to permanent life insurance coverage when they reach the age of majority.
- Critical Illness Protection: This rider offers a lump-sum benefit to you if you become critically ill with any illness covered by the rider.
- Accidental Death and Dismemberment: This offers an additional benefit in the event of your death or dismemberment resulting from an accident.
- Waiver of Premium: This waives all your premium if you become disabled before age 65.
- Payor Waiver of Premium: If you have insured your child, this rider will waive all the premiums if you (the policyholder) become disabled before age 65.
- Term riders: This lets you buy additional life insurance to your base policy.
Final Thoughts on Ivari Life Insurance Review
Ivari Life Insurance is an excellent choice for anyone looking for quality and affordable life insurance. They offer competitive rates and have a wide range of coverage options. Plus, their customer service is top-notch.
The company has been in business for over 90 years and has a reputation for excellent customer service. Ivari Life Insurance offers a variety of policies to meet your needs, and the company is constantly innovating to bring you the best possible products and services.
Have you used Ivari Life Insurance for your life insurance needs? I highly recommend giving them a try.
FAQs on Ivari Life Insurance Review
Is Ivari a Canadian company?
Yes. The company is based in Toronto, Ontario. However, Ivari Life Insurance is a national network of thousands of independent advisors. It provides a full range of insurance products which are designed to help middle market Canadians make the right choices for their protection needs.
Who is the owner of Ivari?
Ivari Life Insurance, formerly known as Transamerica Life Canada, is owned by the Canada Pension Plan, one of the world’s best retirement funds.
Is Ivari the same as Transamerica?
Yes. Ivari is our new name and a new way of talking about insurance. They used to be Transamerica Life Canada and have over 80 years of experience in providing Canadian families with quality, affordable protection options.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
