Fact CheckedI bet you’re checking out this Ivari insurance review to see if they match you.
The funny thing is that this powerhouse insurer is connected to one of the best-known insurance companies in North America. Did you know Ivari (pronounced a-var-ee) was once Transamerica Life Canada? Yep, Transamerica Life Canada was rebranded as Ivari in 2015.
…and up until recently it was owned by one of the biggest pension funds on the planet: Canada Pension Plan Investment Board (CCPIB).
In 2023, Caribbean insurance powerhouse, Sagicor (who operate in 21 countries) acquired Ivari from Wilton Re.
If you haven’t heard of them, that’s a shame. Ivari is one of Canada’s top 15 life insurance companies, and its head office is in Toronto.
Transamerica Life Canada Origins
In operation since 1927, Transamerica Life Canada morphed into Ivari Life Insurance when Wilton Re, a large reinsurance company, purchased it…
…but here’s where things get interesting. Wilton Re was acquired by the Canada Pension Plan Investment Board (CPPIB) in 2014 (not to be confused with the Canada Protection Plan).
The CPPIB is one of the most well-respected pension funds worldwide, with assets under management of over $370 Billion. So, Ivari’s financial roots are very strong, which is good news for you.
“In financial Circles Around the World, the CPP [Canada Pension Plan] Is Renowned as a Smart, Sophisticated Global Investor… We Have Delegations Coming From All Over the World Here to Figure Out How We Do It, What Are the Elements That Make This So Successful in Canada.”
Mark Machin, CEO of the Canada Pension Plan Investment Board
Ivari Financial Rating
Ivari is a privately owned corporation based in Toronto.
In business for over 90 years, Ivari Canada has approximately 300 employees, assets of $14 billion under management, and a net revenue of $166 million in 2023.
Not too shabby!
The good news doesn’t end there:
- Since 2021, Fitch Ratings has given an ‘A+’ Insurer Financial Strength (IFS) rating to Wilton Re and Ivari
- A.M. Best confirmed the 2023 Financial Strength Rating (FSR) of ‘A+’ (Excellent) and the Long-Term Issuer Credit Rating (ICR) of ‘A’ of Ivari (Toronto, Ontario, Canada)
As you can see, this company has solid financials and isn’t going anywhere!
What Do Ivari Customers Think?
Okay, here’s a warning for people relying too heavily on online reviews: People like to complain.
The sad part is they don’t share good experiences as often as they do frustrating ones.
So please bear this in mind when you check out the consumer reviews for ANY big life insurance company. You will likely find many people who are dissatisfied with their experiences.
Ivari Insurance is rated 2.5 stars out of 5 based on 151 Google reviews. It’s hard to know how much stock to put in these reviews.
Unfortunately, on Google, it only takes a few one-star comments to sink your ship, and Ivari definitely has a few of those, but they also have 5-star reviews.
“Very few people write reviews. It’s about 1.5 percent, or 15 people out of 1,000,…Should we be relying on these people if we’re part of the other 985?”
Caroline Beaton, Why You Can’t Really Trust Negative Online Reviews
So always remember. All life insurance companies have some negative feedback. It’s normal for consumers to share mishaps rather than smooth dealings.
Some of the more prominent companies, like Sun Life, seem to be able to circumvent the system. They don’t appear to have any Google reviews viewable online.
Smart.
Psst….Employees Are Important & Here’s What They Think About Ivari:
“Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.”
-Richard Branson
If you believe Richard Branson’s claims, Ivari takes care of its employees well. Indeed, it gives them 3.6 stars out of 5, and Glassdoor gives them 4 out of 5.
Ivari Insurance Products
Ivari Canada offers a wide range of life insurance products, including Term, Universal Life, and Critical Illness insurance.
Ivari Insurance isn’t all over the place like some insurers; it niches down. Some companies offer everything under the sun, from life insurance to travel insurance, but honestly, this makes me nervous.
Can you be a jack of all trades and do them very well?
You don’t need to worry about this with Ivari because their offerings aren’t too far afield. They do some things well: Life Insurance and Critical Illness Insurance.
So, let’s start with their life insurance offering right now!
Universal Life Insurance
Universal Life (UL) is a form of permanent life insurance covering you until death. Because it has both an insurance and an investment component, it is known as cash-value life insurance.
This is Ivari’s only permanent product, and because of its focus and specialization, it has one of the best reputations in the Canadian marketplace.
Universal Life Insurance is flexible and can be customized for many situations, including an Insured Retirement Plan (IRP), a vehicle for transferring family and corporate wealth.
One such corporate life insurance strategy is known as an Immediate Financing Arrangement (IFA).
This approach can get very complicated, so it’s really important to seek the advice of an independent insurance agent to ensure that Ivari UL is the right product for you.
Coverage Options:
- Single life
- First to die: joint life insurance
- Last to die: joint life insurance – premiums to first death
- Last to die: joint life insurance – premiums to last death
Minimum Coverage:
- Single Life – $25,000
- Joint (two lives) – $100,000
Maximum Coverage:
- $10 Million
Riders:
- Term Rider – 10, 20, or 30-year term & Level cost of Term
- Critical Illness Rider – Term 10, 20 or Term to age 65
- Children’s Insurance Rider
- AD&D (Accidental death and dismemberment)
- Payor Waiver of Premiums
- Waiver of Premium
Term Life Insurance
…and of course, we’ve got Term Insurance. After all, it’s the best-known and most affordable type of life insurance.
It provides coverage for a specific period, hence the word “term.”
I recommend Term to clients 90% of the time because it works well. Ivari offers term life insurance for 10, 20, or 30-year periods. All Ivari term insurance has the following features:
- Level & guaranteed premiums for the length of the term
- Guaranteed renewable premiums beyond the original term
- Term 10 & 20 renewable to age 80
- Term Select 30 is renewable at policy year 30 with level premiums for life
- Convertible to Permanent insurance up to age 71 at the same underwriting class
Coverage Options:
- Single life
- Joint First to Die
- Joint Last to Die
Maximum Coverage:
- $10 Million
Minimum Coverage:
- Single Life – $50,000
- Joint (two lives) – $100,000
Riders:
- Term Rider – Layered Insurance
- Critical Illness Rider – Term 10 or 20
- AD&D (Accidental death and dismemberment)
- Payor Waiver of Premiums
- Waiver of Premium
- Children’s Insurance Rider
Ivari Insurance TERM 30 with SelectOptions
This product is a carryover from Transamerica Life Canada and has some interesting built-in insurance options available between years 15 and 20 of the policy:
- Select30 provides you with a reduced paid-up amount of term insurance for the remainder of your 30-year term
- SelectLIFE provides you with a reduced paid-up amount of permanent insurance for the rest of your life
- SelectValue provides you access to some cash value attributed to your policy upon written request
How does it work exactly?
So let’s take a 35-year-old female purchasing $1 million of Ivari TERMselect30 coverage at standard non-smoking rates for $103.50/ month.
Did I mention that Ivari’s TERMselect30 is a more expensive Term 30 product? Here’s why.
Our 35-year-old Female is now 55 and has entered year 20 of her policy. If she wants, she can stop paying her premiums for good and elect to do one of 3 things.
- Select30 – take $250,000 of paid-up term insurance to age 65 (the end of her 30-year term)
- SelectLIFE – take $60,000 of paid-up permanent insurance for life, or
- SelectVALUE – access $4700 of the cash value in her policy.
This is a cool feature if you’re looking for longer-term protection but are unsure how long you’ll need it and want flexibility.
Ivari Insurance Critical Illness
No Ivari Insurance Review would be complete without mentioning their Critical Illness coverage.
Critical Illness Insurance, or “CI,” is a popular product nowadays, but you must ensure you understand what you’re getting into when you sign on the dotted line. Some critics think the definitions in the policy’s fine print are so limited that it’s difficult for consumers to make a claim. Please read my post about Critical Illness here.
A South African heart surgeon invented CI to alleviate the financial stress of fighting a serious illness.
It’s designed to provide you with a one-time lump sum payment should this happen to you. The benefit is tax-free, and you have no money restrictions.
Coverage Details:
- Traditional medical underwriting
- Covers 4 or 25 conditions (including five childhood illnesses)
- Term 10 & 20 renewable to age 75
- Term to 65 expires at 65
- Level premiums (costs stay the same over the length of term)
- All plans convertible to permanent plan before age 60
- Issued age – 15 days up to 65 years
- Minimum benefit $25,000
- Maximum benefit $250,000 – $2,000,000
- Available as a single or multiple life plan
- Return of Premium on Death Benefit
- Expert 2nd Medical Opinion Service (EMOS)
People Get Sick…
CI has become increasingly attractive to consumers, especially in this day and age when employer coverage is rare and/or inadequate. Not to mention, more people are setting off on an entrepreneurial path and have no benefits whatsoever.
Ivari Critical Illness Protection provides a lump-sum benefit if you’re diagnosed with a critical illness according to the definitions in your policy.
Ivari Critical Illness Early Detection Benefit
The Ivari CI Early Detection Benefit pays out a one-time lump sum if you’re diagnosed with one of the Early Detection Covered Conditions and make it past the survival period.
This feature is only included with the 25-condition critical illness plans and covers the following:
- Coronary angioplasty
- Early prostate cancer
- Ductal breast cancer
- Superficial malignant melanoma
It pays out 15% of your CI benefit or $50,000, whichever is less. The early detection benefit can only be paid once and does not reduce the critical illness benefit.
Ivari Insurance Rates
20 Year Term Coverage for Non-Smokers with a Standard Rating as of July 2024
|
Age |
$250,000 |
$500,000 |
|---|---|---|
| 35 Year Old Male | $20.03 | $34.20 |
| 35 Year Old Female | $15.08 | $23.40 |
| 40 Year Old Male | $28.35 | $50.40 |
| 40 Year Old Female | $20.25 | $34.65 |
| 45 Year Old Male | $47.70 | $83.70 |
| 45 Year Old Female | $31.50 | $54.90 |
| 50 Year Old Male | $77.63 | $142.20 |
| 50 Year Old Female | $54.23 | $91.80 |
| 55 Year Old Male | $137.93 | $262.35 |
| 55 Year Old Female | $92.03 | $172.35 |
| 60 Year Old Male | $248.85 | $482.40 |
| 60 Year Old Female | $163.80 | $318.15 |
| 65 Year Old Male | NA | NA |
| 65 Year Old Female | NA | NA |
Ivari Insurance Review: Underwriting
Most Ivari insurance products require traditional underwriting, including health questions and a paramedical exam.
So, let’s look at some areas where Ivari Insurance is competitive!
Ivari & Big People
Regarding Ivari insurance, independent life insurance agents in the know have a secret…
…Shhh!
Ivari has a top-notch underwriting department. Does that mean they’re pushovers? No, it means they truly work hard to assess risk.
Insurance companies, including Ivari, use build charts or weight tables to determine whether an applicant is overweight or obese. The Ivari build chart is the most lenient compared to other major carriers in Canada.
So for example, if you’re 5’7″ tall and weigh 240 lbs, based on build alone, you’re eligible for standard rates with Ivari. Another carrier like Industrial Alliance will charge you higher premiums if your weight exceeds 226lbs.
Ultimately, this means you could save thousands of dollars over the life of a policy. This is another important reason for working with an independent agent who knows the ins and outs of the best life insurance companies.
How Much Life Insurance Do I Need?
For most of us, life insurance is about replacing income for dependents when we’re not there.
If you have kids and a mortgage, substantial coverage may be required to ensure enough money to continue life as you know it.
In a hurry? One rule of thumb for replacing income is 10-15 times your gross annual income.
So for example, if you earn $80,000 annually, you should probably have $800,000 to $1,200,000 of coverage.
Factors to consider in this calculation should include:
- Your children and how old they are… do you have any other dependents?
- Your spouse and their financial contribution to your household
- Mortgage & amortization
- Other debt
- Assets
- Percentage of gross income you want to leave for your family (and for how long)
Is Ivari Insurance a good fit for you? Let’s check out the pros & cons…
Ivari PROS
1. Excellent Claims Experience
I put this one at the top of the list because it’s the only thing that matters at the end of the day.
Ivari insurance has a top-notch record when it comes down to paying out benefits to policyholders. In 2023, Ivari Insurance paid out 99.1% of the life claims they received.
Not only that, but they also do it fast!
Ivari Canada pays out all life insurance claims five days after receiving the last required documents.
That’s unbelievable! If your policy is older than ten years and the face amount is less than $50,000, they will pay it out in as little as two days!
I’ve heard of cases where carriers from 6 – 18 months are taken to pay out a claim, so Ivari gets bonus points here.
2. Financially Solid
Ivari, originally Transamerica Life Canada, has been helping Canadians for more than 90 years.
They have an A+ rating with Fitch and A.M. Best and are owned by Sagicor, a company that’s been around for 180 years.
3. Most Lenient Underwriting for Heavy People
Ivari’s build chart is one of the most forgiving in Canada. So, if you’re on the larger side, you’ll have a better shot at standard rates with Ivari than any other carrier.
4. Excellent and Best Priced Universal Life Product
Ivari Insurance ranks #1 in the marketplace for its Universal Life Insurance (UL), one of its best sellers. When running quotes, affordability also comes out on top!
5. Unique TERMselect30 Product with Paid-Up Options
Ivari’s flexible TERMselect30 is a term 30 policy with built-in options in years 15 – 20, which allows you to stop paying premiums and opt for a paid-up term, permanent, or some cash value.
This may be very useful.
6. Strong, Community-Based Culture
Transamerica Life Canada has always had strong roots in the community, and that didn’t change when it was rebranded. Ivari Canada is involved in several charitable efforts, including its “Healthy Steps” program for children. Employees’ philanthropic contributions are matched, and Ivari provides paid time off for them to volunteer.
Ivari CONS
1. Pricier Term Insurance
ivari’s term products used to be more competitive, but recently, they increased the price, and let’s say it’s not the cheapest product on the market. However, if you bundle your term coverage with a small amount of Universal Life for the final expense, the cost is very competitive.
Sometimes, you get what you pay for, and with Ivari, you know your claim will be paid out quickly.
2. Standard Term 30 Issue Age of 50 or Lower
Ivari’s term insurance issue ages are lower than those of other carriers. How does this affect you?
If you’re older and looking for longer-term coverage, Ivari won’t sell you a term 30 policy unless you’re 50 or below.
Ivari’s age cap is 80, whereas some other carriers will cover you up to 85. For example, with Empire Life, you’re eligible for a term 30 policy up to and including age 55.
Find out more about term life insurance for senior citizens here.
3. No Participating Whole Life Product
Ivari has highly rated Universal Life products, which should diffuse some criticism.
This is only a partial CON. However, it falls short if you’re looking for a guaranteed cash value life insurance product that you can “set and forget,” like Whole Life Participating.
Is Ivari Insurance the Right Company for YOU?
First, let me say I have a soft spot for Ivari. They’re in my top 8 list of Canada’s best life insurance companies—they’re a quality carrier with quality people.
Ivari’s specialized range of products includes term, universal life, and critical illness coverage.
Built on the shoulders of Transamerica Life Canada, Ivari Insurance is a financially stable company with deep roots in Canada. Knowing your investment in your family’s future is safe is good.
As a final reminder, not all life insurance companies are created equally.
They have different products, and underwriting guidelines can vary substantially between carriers. As I mentioned above, different companies work for different circumstances.
Let us provide you with Quotes From Ivari Insurance And Other Companies So you can make and educated Decision.
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