Having a life insurance policy in place can give you peace of mind knowing that your loved ones will be protected in the event of your passing.
Life insurance policies are available from a variety of insurance providers across Canada, including ivari. Established over 80 years ago, ivari now boasts a network of thousands of advisors and offers a wide array of insurance products, including life insurance.
Let’s take a look at the life insurance products offered by ivari.
Not sure what type of insurance you need? Learn the basics and find out what type of insurance is right for you.
Types Of Life Insurance Offered By ivari
ivari offers the types of life insurance: term, universal, and critical illness.
Term Life Insurance
Term life insurance is designed to provide protection for a finite time period to cover life’s biggest expenses, such as mortgages, student loans, and other big bills. It’s best suited for those looking for affordable coverage while ensuring financial protection when the more costly expenses still need to be paid.
ivari offers the following types of term life insurance:
Term 10:
- Coverage for a 10-year period
- Ideal for short-term needs
- Ideal for layering with permanent life insurance to increase protection but only for a short amount of time
Term 20:
- Coverage for a 20-year period
- Ideal for those who may be retired after 20 years or believe their mortgage and other big bills will be paid off by then
Term 30 with SelectOptions:
- Coverage for a 30-year period
- Offers protection for longer-term debt
- Ideal for those looking for income protection through the retirement years
- Automatically renews at the 30th year to give you permanent protection with level premiums payable to the age of 100 years
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READ ARTICLEUniversal Life Insurance
Universal life insurance offers affordable coverage that can be personalized with a variety of features and options. This type of policy provides protection to your loved ones, as well as a savings and investment component.
You can use the savings component of your universal life insurance policy to take advantage of tax-deferred investment growth. You can then use that extra money as you see fit while you’re still alive, such as beefing up your retirement income, covering medical or therapeutic costs associated with a medical condition or disability, or building assets for your children.
Critical Illness Insurance
If you’re ever diagnosed with a critical illness, you could find yourself unable to continue working as a result. If this happens, a critical illness insurance policy from ivari can help financially so you can continue paying the bills and cover for any medical treatment required to help you deal with your condition.
ivari offers 4-condition coverage or 25-condition coverage. You will be provided with a tax-free, lump-sum benefit when you are diagnosed with a condition that is covered in your policy. The money received can be used any way you please, including to pay for medical treatments, childcare, and retirement savings
Find out what is cash value life insurance.
Additional Riders
Riders can be added to your life insurance policy to provide you with more customized coverage:
Accidental Death And Dismemberment
In the event that you suffer dismemberment or death as a result of an accident, this rider will provide you with an additional benefit to help you or your family deal with any loss of income and added expenses.
Check out what is the average cost of life insurance in Canada.
Critical Illness Protection
If you’re unable to work as a result of a critical illness diagnosis, this rider will provide you with a lump sum payment to help you cover your bills. ivari offers 4-condition and 25-condition critical illness protection riders, which also include unlimited complimentary access to Advance Medical for professional advice at no cost to you.
Find out if you can still qualify for life insurance with a pre-existing condition.
Waiver Of Premium
If you ever become disabled before you turn 65 years old, this rider will waive the premium.
Children’s Insurance
This rider offers term life coverage on your children’s lives and guarantees their insurability if they choose to buy their own policy in the future.
Term Riders
These riders are specific to ivari’s 10-, 20- or 30-year term insurance policies.
Waiver Of Monthly Deduction
This rider waives any planned premium payments up to a certain amount if you are considered disabled before you turn 65 years old.
Check out what happens when you miss a life insurance payment.
How Is My Life Insurance Premium Calculated By Ivari?
There’s limited information about the actual premiums that ivari charges on the website. That said, ivari, like other insurance providers, bases its premiums on a variety of important factors, including the following:
Each one of the above factors helps ivari and other insurance providers assess the risk factor associated with policyholders. The higher the risk, the higher the premiums will be.
Pros And Cons Of ivari Life Insurance
Pros:
- Variety of rider options available. ivari offers several riders to choose from to help you customize a policy just for you.
- Good track record of paying out claims. ivari has a good record of claims payouts, so you can rest assured that you won’t hit any snags when it comes time to make a claim, as long as your policy is in effect and premiums are up-to-date.
- Owned by the Canada Pension Plan Investment Board (CPP). ivari is not just any run-of-the-mill insurance company. Having the support of the CPP means you’re indirectly backing your own pension plan.
- Ability to convert your term policy to a permanent one. If you decide to extend your term policy at any point, you’ll have the flexibility to convert to a permanent policy to ensure coverage for life.
Cons:
- No digital quote or application access. You can’t get a quick online quote via the ivari website, nor will you be able to start the application process online.
- Only one permanent life insurance product. The universal life insurance plan is ivari’s only permanent product
Find out if you should work with an insurance agent or an insurance broker.
How Do You Apply For ivari Life Insurance?
To apply for a life insurance policy with ivari, you’ll need to either call and speak with an ivari agent directly or get the process started with a licensed independent insurance advisor. There is no option to apply for a policy online via the ivari website.
ivari Life Insurance Overview
| Term Life | Universal Life | |
| Minimum Coverage | $50,000 | $25,000 |
| Maximum Coverage | $10 million | $10 million |
| Term | 10, 20, and 30 years | Lifetime |
How To File A Claim With ivari Life Insurance
If you have a critical illness insurance policy with ivari and are diagnosed with a serious medical condition that prohibits you from working, you can file a claim by either contacting ivari by phone at 1-800-846-5970 or by emailing claimsdepartment@ivari.ca.
You’ll need to have all the required information related to the incident to start the claims process, including your full name, policy number, your diagnosis, and the date of the diagnosis. Once you report your claim, a claims adjudicator will call to inform you of the forms you’ll need to complete.
Check out if your insurance provider will check your credit report.
In the event of your passing, your beneficiaries will need to start the claims process to collect the death benefit. They will need to submit a copy of your death certificate to ivari as proof of your passing.
They will also have to provide certain types of information, such as your full name, the policy number, the cause of death, and the country in which you passed away. As long as your premiums have been up-to-date and your policy is still in effect, your named beneficiaries will be paid out a tax-free, lump-sum of money.
Find out what will happen to your debt when you die.
Final Thoughts
ivari has a long track record in the life insurance industry and offers a handful of life insurance products that may be a good fit for you and your family. Be sure to examine all of ivari’s offerings and compare them to your unique needs and budget before starting the application process for a life insurance policy.
