Selecting the optimal insurance provider to protect your family and assets is one of Canadians’ most crucial financial decisions. With hundreds of insurance companies to choose from, it can be overwhelming to identify the right fit for your specific needs and budget.
Ivari is a leading insurance provider that has served Canadian households and businesses for over 90 years. As one of Canada’s oldest and most respected insurers, Ivari offers a diverse suite of insurance solutions tailored to each stage of life.
In this article, we’ll examine Ivari Insurance in-depth, analyzing its history, financial stability, products, pricing, customer service, and overall value proposition for Canadians.
What is Ivari Insurance?
Throughout decades of acquisitions and name changes, Ivari has maintained its core mission of providing personalized insurance solutions to Canadians from coast to coast.
Ivari has a rich history and stellar reputation within Canada’s insurance landscape. Let’s take a closer look at their background, financial standing, and company overview:
| Year Founded | 1927 |
| Headquarters | Toronto, ON |
| Employees | 501 – 1,000 |
| Insurance Products | Universal Life, Term Life, & Critical Illness Insurance (vary by provinces) |
| Ownership | Canadian Pension Plan Investment Board (CPPIB) via Wilton Re |
| Credit Rating | A+ (Superior) from AM Best |
| Total Assets | Over $11 billion |
| Annual Premiums | $830 million (2021) |
| Policyholders | 700,000+ across Canada |
History of Ivari
Ivari Insurance has been safeguarding Canadian families since 1927, founded as The Mutual Life Assurance Company of Canada.
It operated for decades under the name Mutual Life before being acquired by Transamerica Corporation in 1993 and rebranded as Transamerica Life Canada in 1993. In 2015, Wilton Re acquired the company and rebranded it once again as Ivari.
Today, Ivari proudly serves over 700,000 policyholders across Canada.
Financial Strength & Ownership
Ivari Insurance is currently owned by the Canadian Pension Plan Investment Board (CPPIB) through Wilton Re.
The CPPIB is an investment management organization that invests funds on behalf of the Canada Pension Plan. With over $550 billion in assets under management, CPPIB is one of the world’s largest pension investment managers.
This strong backing by the CPPIB gives Ivari exceptional financial stability and risk management capabilities. Ivari has received an A+ (Superior) Financial Strength Rating from AM Best, reflecting their robust capital reserves and ability to pay out substantial claims.
$11 billion in total assets and annual premiums exceeding $830 million (as of 2021) further demonstrate Ivari’s financial standing as a reputable national insurer.
Ivari focuses exclusively on protection-oriented insurance solutions distributed through independent insurance advisors. This focus enables them to cater their products and services to meet Canadians’ evolving insurance needs.
Source:
- https://www.policyadvisor.com/insurance-companies/ivari-life-insurance-review/
- https://mitchinsurance.com/insurance-companies/ivari/
Ivari Term Life Insurance
Term life insurance is one of Ivari’s core product offerings. Their affordable term life plans have many advantages:
Flexible Terms
You can choose between three term lengths to match your specific protection needs:
- Term 10 – Ideal for short-term family income replacement or debt coverage. Offers guaranteed level premiums for 10 years.
- Term 20 – Covers longer-term needs like mortgages and children’s education costs. Guaranteed premiums for 20 years.
- Term 30 – Longest term option for lifetime income protection. Guaranteed premiums to age 100 after year 30.
With term lengths from 10 to 30 years, Ivari provides excellent flexibility to find the right term to suit your financial obligations.
| Feature | Term 10 | Term 20 | Term 30 |
| Policy Term | 10 years | 20 years | 30 years |
| Renewable | Every 10 years, to age 80 | Every 20 years, to age 80 | Every 30 years, to age 100 |
| Convertible | To age 71 | To age 71 | To age 90 |
| Min. Coverage | $50,000 | $50,000 | $50,000 |
| Max. Coverage | $10 million | $10 million | $10 million |
To give an idea of Ivari’s term life insurance pricing, here are sample 20-year guaranteed premiums for different ages and coverage amounts:
| Age | $250,000 Coverage | $500,000 Coverage | $1,000,000 Coverage |
| 30 | $13.50 | $23.85 | $43.55 |
| 40 | $21.15 | $42.30 | $84.60 |
| 50 | $50.40 | $100.80 | $201.60 |
| 60 | $161.35 | $322.65 | $645.25 |
Conversion Options
One of the most valuable benefits of Ivari’s term policies is the ability to convert to permanent insurance as your needs evolve without requiring further medical underwriting.
- Convert term policies to universal life or whole life insurance any time before age 71.
- For Term 30, you can convert to Ivari’s Carefree Retirement Plan after age 65 to lock in lifetime coverage.
This flexibility prevents coverage gaps and gives long-term stability.
Renewability
You have the option to renew Ivari term policies up to the following ages with no medical exam required:
- Term 10 & 20: Renewable every 10 or 20 years up to age 80
- Term 30: Renewable every 30 years up to age 100
Renewability guarantees you can maintain your existing coverage amount as you get older.
SelectOptions for Term 30
Ivari’s Term 30 policy includes innovative SelectOptions that become available between the 15th and 20th policy years. These unique options include:
- Select30 – Decrease premiums and lower coverage for the remainder of the term.
- SelectLIFE – Lock in reduced paid-up final expense coverage until death.
- SelectVALUE – Access cash value via reduced paid-up insurance or conversion to Ivari UL.
SelectOptions provides flexibility to reduce premiums or unlock value from your coverage when priorities shift.
Source: https://www.policyme.com/blog/ivari-life-insurance-review
Custom Riders
You can tailor your Ivari term policy with optional riders for added protection:
- Critical illness insurance
- Accidental death benefits
- Waiver of premium
- Children’s term insurance
Riders allow you to design coverage that meets your health, lifestyle, and family needs.
Policy Size
Ivari term policies are available for individual coverage from $50,000 up to $10,000,000. Higher amounts may be possible on a case-by-case basis.
Joint spousal coverage offers combined limits of up to $20,000,000. This substantial coverage range provides flexibility for large families and business insurance needs.
In summary, Ivari’s term life insurance policies offer unmatched flexibility to align with Canada’s evolving insurance requirements.
Ivari Universal Life Insurance
In addition to term life insurance, Ivari offers permanent universal life insurance. This provides lifelong coverage and tax-deferred investment growth potential.
Here are some of the key benefits of Ivari’s universal life insurance:
Lifetime Coverage
Universal life insurance from Ivari provides permanent protection for your entire lifetime. Your coverage never expires or reduces (unless you proactively lower it).
This lifelong coverage can give long-term security for your family and business needs.
Cash Value Fund
A portion of your premiums goes into Ivari’s tax-deferred cash value fund, earning interest at guaranteed and competitive rates.
You can choose from fixed and indexed interest options to safely grow your policy’s cash value fund.
Flexible Premiums
One of the most valuable features of Ivari’s universal life is flexibility. You can adjust your premium payments and death benefit amount to align with changing financial priorities.
Missed a premium? You can catch up later or take a premium holiday. This flexibility makes Ivari’s universal life insurance customizable to your budget.
Policy Customization
Beyond premium flexibility, you can tailor ivari’s universal life insurance to your needs through optional add-ons:
- Critical illness insurance rider
- Accidental death rider
- Term insurance riders to supplement permanent coverage
- Waiver of premium if disabled
- Children’s insurance rider
These riders allow you to enhance your core universal life policy with protection against unexpected health events and expenses.
Living Benefits
ivari’s universal policies include valuable living benefits:
- Disability waiver of premiums – If you become disabled, future premiums are waived.
- Compassionate assistance benefit – Access a portion of your death benefit if diagnosed as terminal.
These benefits provide critical financial assistance and peace of mind during difficult times.
Pricing
Ivari universal life insurance is very competitively priced.
Here are sample monthly universal life insurance rates from Ivari for $250,000 of coverage:
| Age | Male | Female |
| 30 | $73.88 | $62.73 |
| 40 | $92.00 | $78.98 |
| 50 | $120.13 | $102.00 |
| 60 | $162.18 | $130.41 |
On average, Ivari’s universal life insurance rates are 5-10% cheaper than competitors’. This pricing advantage makes Ivari an appealing option for permanent life insurance.
Additional Permanent Life Products
Besides universal life insurance, Ivari also offers:
- Whole life insurance – Lifetime coverage with guaranteed cash value growth. Ideal for estate planning and final expenses.
- Participating whole life insurance – Includes dividends from surplus funds for added cash value growth.
- Universal life savings plans – Specifically designed for retirement savings and supplementing retirement income.
Their wide range of permanent life insurance options provides solutions tailored to estate planning, retirement, and business planning needs.
Ivari Critical Illness Insurance
Beyond protecting against death, Ivari also offers financial protection against critical illnesses through their Critical Illness Insurance plans.
This coverage provides a tax-free cash payout if you’re diagnosed with a covered critical illness or medical condition. ivari’s critical illness insurance has numerous valuable features:
Comprehensive Conditions
You can choose coverage for 4 common critical illnesses or 25 comprehensive conditions, including:
- Heart attack
- Stroke
- Major organ failure
- Cancer
- Paralysis
- Blindness
- Severe burns
This wide-ranging coverage has you fully protected against a diverse array of health threats.
Flexible Coverage Amounts
You can select a lump-sum payout amount from $25,000 up to $2 million if diagnosed with a covered condition. This benefit amount is customizable to your financial obligations.
Range of Term Lengths
Ivari provides critical illness term policies with lengths of:
- 10 years
- 20 years
- To age 65
You can match the term to your income replacement and debt coverage needs.
Unique Additional Benefits
Ivari critical illness insurance also includes value-added features:
- Second medical opinion – Access a virtual second opinion from top specialists to ensure accurate diagnoses.
- Early detection benefit – 10% of your coverage amount if diagnosed with certain early-stage conditions.
- Return of premium on death – Premiums paid are returned to your beneficiaries (minus claims paid) upon death.
Renewability
You can renew Ivar’s 10 or 20-year critical illness policies until age 75, ensuring seamless lifelong coverage.
Riders
Optional riders like waiver of premium for disability or unemployment are available for added protection.
In summary, Ivari’s critical illness insurance provides robust protection against the costly impacts of serious health conditions. Their coverage can prevent financial instability when you need it most.
Additional Ivari Insurance Offerings
Aside from life and critical illness insurance, Ivari also offers a diverse range of supplementary insurance solutions:
Disability Insurance
- Short-term and long-term disability – Replace lost income if injured or ill.
- Overhead expense disability – Pay fixed business expenses during disability.
Mortgage Insurance
- Mortgage life insurance – Pays off the remaining mortgage balance upon death.
- Mortgage critical illness insurance – Provides mortgage payout if diagnosed with a critical illness.
Retirement and Estate Products
- Final expense life insurance – Covers funeral costs.
- Annuities – Create guaranteed retirement income.
- Children’s insurance – Guaranteed future insurability for kids.
This breadth of products enables Ivari to provide insurance solutions throughout every life stage. Their products seamlessly work together to create layered protection.
Why Choose Ivari Insurance?
Let’s summarize some of the key advantages that set Ivari Insurance apart for Canadians seeking the right insurance to safeguard their assets and loved ones:
Reputation of Trust – Ivari has earned Canadians’ trust by reliably serving generations of families since 1927. Their name is synonymous with secure insurance in Canada.
Financial Strength – Exceptional A+ rating and backing by the CPPIB gives Ivari enduring stability even in challenging economic climates.
Specialized Experience – 90+ years of experience providing focused expertise in insurance protection products.
Customer Service – Dedicated teams of licensed advisors and support staff provide personalized guidance tailored to your needs.
Product Breadth – Comprehensive insurance solutions spanning life, critical illness, disability, retirement, mortgage, and more.
Affordable Pricing – Competitively priced products with pricing advantages in universal life and retirement solutions.
Policy Flexibility – Universal life, term conversions, and unique riders allow you to adapt coverage as priorities evolve.
Advisor Partnerships – A strong independent broker channel that provides trusted one-on-one insurance guidance.
While not always the most budget-friendly, Ivari provides a balanced combination of competitive pricing, specialized expertise, and flexible insurance products to protect Canadian families and businesses.
Filing a Claim with Ivari
Should you have a critical illness insurance policy with ivari and are diagnosed with a severe medical condition that stops you from working, you can file a claim by either phoning at 1-800-846-5970 or emailing claimsdepartment@ivari.ca.
It is vital that you have all the required information relevant to the incident to commence the claims process. This includes your full name, policy number, your diagnosis, and the date of the diagnosis. Once the claim is reported and gone through the system, a claims adjudicator will call to inform you of the necessary forms to fill out.
In the case of passing, your beneficiaries will be the ones to begin the claims process to collect the death benefit. They will be required to submit a copy of your death certificate to ivari as proof of your passing.
Some certain types of information will also be needed in the process, such as your full name, policy number, cause of death, and the country where you passed away. Providing that your premiums have been up-to-date and your policy is still active, your named beneficiaries will receive a tax-free lump sum of money.
Applying for Ivari Insurance
To submit an application for ivari’s life insurance policies, there are only two options for you:
- Call and speak with an agent directly
- Get the process dealt with by a licensed independent insurance broker
Unfortunately, it is impossible to apply online via ivari’s website, which is quite inconvenient in this digital age. However, if you do not mind calling directly or already have a trusted insurance advisor, this is not much of a problem for you.
Comparing Ivari to Competitors
How does Ivari insurance match up to some of the large national life insurance companies in Canada? Here is an overview comparing Ivari to competitors RBC Insurance, Sun Life, Desjardins and Manulife:
Ivari vs RBC Insurance
- More competitive pricing on term life insurance
- Better online portal and mobile technology
- Lower customer satisfaction based on reviews
- Less flexibility and customization than Ivari
Read full review: RBC Insurance
Ivari vs Sun Life
- The broader range of insurance products
- Higher pricing than Ivari on some policies
- More online support tools and resources
- Comparable customer service and reviews
Ivari vs Desjardins
- Among the lowest-term life insurance rates
- French-Canadian company based in Quebec
- Less nationally recognized than Ivari
- Less customization in products versus Ivari
Ivari vs Manulife
- Slight pricing advantage over Ivari on term life
- Broad insurance selection beyond just life
- Higher complaints and lower satisfaction than Ivari
- Partners with independent brokers for distribution
Based on this competitor overview, Ivari performs well relative to the large insurance companies in certain areas, such as product flexibility, distribution network, and customer satisfaction, but it lags behind in pricing competitiveness on certain policies.
Is Ivari Right for You?
Whether Ivari insurance is a fit depends on your specific insurance priorities:
Best for:
- Seeking extended 30-year term life insurance
- Wanting maximum customization and riders
- Valuing an established company with strong financial backing
- Need for competitive universal life insurance pricing
It may not be best for:
- Very price-sensitive shoppers
- Those wanting a fully digital insurance experience
- Seeking niche specialty insurance offerings
- Prefer local or regional insurer versus national
As Canada’s longest-standing life insurer, Ivari delivers a customizable set of insurance solutions supported by excellent financial stability. However, cheaper alternatives exist for budget-conscious shoppers, and more digitally innovative insurers are also now available.
The Bottom Line
ivari indeed offers unique life insurance coverage products that are an excellent fit for many Canadian consumers. Nonetheless, its rates for some insurance products are above average compared to its competitors.
If you are not bothered by this aspect, the company is definitely a worthy contender. Be sure to check out all of ivari’s offerings and compare them to your unique needs and budget before beginning with the application process for a life insurance policy.
We also have review articles for Manulife insurance, Desjardins insurance, Canada Protection Plan, Wawanesa insurance, Equitable Life of Canada, Empire Life, TD insurance and more if you are interested in having more insights.
FAQs about Ivari life insurance in Canada
What types of life insurance does Ivari offer?
Ivari offers both term life insurance and permanent universal life insurance options to Canadians. Their term life plans come in 10, 20 and 30 year policy terms.
How long has Ivari been in business?
Ivari, formerly known as Transamerica Life Canada, has been operating in Canada since 1927, making them one of the most established insurance providers in the country.
Where is Ivari headquartered?
Ivari's headquarters are located in Toronto, Ontario. They provide insurance products across Canada.
Why choose Ivari for life insurance?
Some key reasons to consider Ivari are their strong financial backing, customizable coverage through riders, competitive universal life pricing, and reputation for reliable claims payments.
When should I consider Ivari term life insurance?
Ivari's term life plans are ideal for temporary insurance needs like mortgages, final expenses, income replacement, and family protection. Their longer duration 30-year term plan has added flexibility.
How do Ivari life insurance rates compare?
Ivari tends to be more expensive on term life insurance but very competitively priced for permanent universal life insurance policies. Always compare quotes.
Can I get life insurance from Ivari if I have a health condition?
Yes, Ivari considers applicants with health issues on a case-by-case basis. They may charge higher premiums or decline coverage in some cases.
Is Ivari a mutual life insurance company?
No, Ivari is not a mutual life insurance provider. They are a stock life insurance company owned by the Canadian Pension Plan Investment Board.
How do I contact Ivari insurance?
You can contact Ivari by phone, email, or mail. Many customers get in touch via their personal insurance advisor or broker.
How do I file a life insurance claim with Ivari?
To file a life insurance claim, contact Ivari directly and supply documentation to support your claim. The claims team will then review and process accordingly.
