Ivari Life Insurance Review (2024): Products, Pros & Cons

Having a solid life insurance policy is crucial for safeguarding your family against life’s uncertainties. If you’re seeking a reputable insurer in Canada, consider Ivari Insurance.

Ivari is a Canadian life insurance company that offers a wide range of insurance solutions and investment products to individuals, families, and businesses across Canada. With over 90 years of industry experience, Ivari has built a strong reputation for delivering dependable and affordable insurance options to Canadians.

In this Ivari life insurance review, we’ll take a closer look at their products, assess their benefits and drawbacks, and explore the additional coverage options they provide. This will help you decide whether Ivari is the right choice to meet your life insurance needs. Let’s get started.

What is Ivari?

Ivari Life Insurance was formerly called Transamerica Life Canada until 2015, when the Canada Pension Plan Investment Board acquired the company through Wilton Re and rebranded it to Ivari.

Wilton Re is a reinsurance company based in Bermuda that focuses on the senior market, worksite, and simplified term products.

Ivari Canada 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 levels, and decreasing premiums.

Pros of Ivari Life Insurance

• 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 of Ivari Life Insurance

• 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

Ivari Term Life Insurance

Ivari offers three term life insurance products to Canadians seeking 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, Ivari’s term life insurance products are available as single or joint policies.

Term 10

This policy is suitable for homeowners looking to cover the last few years of their mortgage, 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

Suitable for Canadians looking for affordable and flexible coverage, young 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 with Select Options

Suitable for Canadians looking for affordable life insurance with future flexibility, young 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.
• SelectLIFE allows you to suspend your premiums for less coverage for the rest of your life.
• 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

Universal life insurance policies allow Canadians to enjoy lifelong insurance coverage with cash value and 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 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

Critical illness insurance plans are for individuals 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 covers heart attack, cancer, stroke, and coronary artery bypass surgery. It is a more affordable option.

The 25-condition coverage covers all illnesses included in 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 a 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.

Ivari Life Insurance Reviews

Here are some of the customer reviews for Ivari Life Insurance on various online platforms:

Positive Ivari Life Insurance Review

• “My mom and dad had insurance with Transamerica for years. They changed to ivari and we still had a smooth claims experience with them when my dad passed away. My mom got her full claim, no problems. After that, I also purchased insurance with ivari through my advisor. I see a lot of negative feedback here and its unfortunate. We have had nothing but great experience both with applying and when putting in a claim. You’ve given my mother piece of mind, and now myself as well.” – Customer on Google Reviews

Negative Ivari Life Insurance Review

• “I signed onto Ivari in 2018 through ***. After 2 years I realized I had not received any communications from Ivari about my investments. I told *** twice. Then I called Ivari twice about 6 months apart and both times was just told “that’s weird” and I thought they would then mail me something after the first call. The second call ended with me demanding information which got me emailed a temporary slip that only showed my account balance not activity or gains/losses. I call to ask what fees I will incure for canceling the account. Can’t get a strait answer. Call again still can’t get a strait answer so I closed the account. I got mail from Ivari for the first time ever today, they took 28% of my investment as a fee for closing the account.” – Better Business Bureau Review
• “Not impressed with this company. They took money out of our account without any authorization once our insurance ran out they “created ” another policy at 10xs the price without any permission. We have yet to get any answer or money back” – Better Business Bureau Review

Final Thoughts on Ivari Life Insurance Review

Ivari Life Insurance offers Canadians a range of life insurance products, including term, universal, and critical illness insurance. While their term life insurance plans may be slightly costlier than other insurers, Ivari provides unique features and optional riders, including coverage for up to five insured lives. 

The company has a reputation for reliability and financial stability, with over 90 years of experience in the industry. 

With Ivari, you can rest assured that your financial future is in good hands. So why wait? Dive into our Ivari life insurance review today and see if Ivari is your right choice!

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 to help middle-market Canadians make the right choices for their protection needs.

Who Owns Ivari Insurance?

Ivari Life Insurance, formerly Transamerica Life Canada, is owned by the Canada Pension Plan, one of the world’s best retirement funds.

Is Ivari Insurance Legit?

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.

Is Ivari A Pyramid Scheme?

No, Ivari Life Insurance Company is a reputable and legitimate life insurance company in Canada, serving many Canadians for over 145 years.