Ivari Assurance - What's Their Story?
If you are looking for Ivari Assurance – chances are you live in Quebec and are searching Ivari Assurance Vie.
They may seem like the new kid on the block but nothing could be further from the truth. In reality, Ivari is simply Transamerica Life Canada rebranded. Even though the transformation started 5 years ago, the critical mass of talented people and great products is still there.
So let’s dig a little deeper into their story to reveal the true nature of this awesome life insurance company.
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The Evolution: From Transamerica Life Canada to Ivari Assurance
The roots of Transamerica go back to 1904 when A.P.Giannini founded the bank of Italy in San Franciso, CA which later became Bank of America!
He formed a holding company for the banks in 1928 called the Transamerica Corporation.
This business model expanded when the Occidental Life Insurance Company was acquired in 1930. Transamerica also got into the film business (United Artists), aviation (Transamerica Airlines) and the car rental business (budget rent a car).
If you’ve ever seen the gigantic pyramid building in San Francisco, Transamerica had it built in 1972 as a sign of its strength.
By the 1980s Transamerica decided to pare down its business interests opting to focus exclusively on financial services.
Fast forward to July 1999, Aegon, a dutch insurer acquired the company and Transamerica Occidental became Transamerica Life Insurance Company in 2008.
Transamerica Life Canada Acquired by Wilton Re and Ivari Assurance Was Born
In October 2014 Wilton Re acquired Transamerica Life Insurance Company and they became Ivari Assurance.
“As Transamerica Life Canada, the company supported a national network of accredited advisors who provided financial solutions to Canadians in the middle market… the decision was made to rebrand the company as Ivari, bringing its lines of business back from the United States, and formulating a unique, fresh identity for the Canadian market.” Keith Loria, AdvantageMagazine.ca
So when you check out their rates, rest assured they are not newbies. This prestigious company has been conducting life insurance business in Canada for the past 80 years!
Ivari Assurance: Do They Offer the Same Products in Quebec?
If you know anything about Canada you know we have strong French roots.
And any life insurance company that wants to do business in Quebec needs a French site and an office in Quebec. Ivari has done both.
So does Ivari Assurance offer the same products and services in Quebec?
As far as I can see the offering is identical:
Term Life Insurance
Hands down, term insurance is the best way to protect your family from financial ruin should a breadwinner die prematurely.
Term coverage is temporary. It’s designed to last for a specific period (term) of time and then expire. For example, if you have a young family, you may purchase a 20-year term policy to protect your income when your loved ones are most vulnerable. When that phase is over, you likely won’t require as much insurance.
Ivari assurance offers 10, 20 and 30-year term life insurance. All their term coverage has the following features:
- Monthly costs remain level and are guaranteed to never increase over the length of the term
- Coverage is renewable and convertible within prescribed limits
- Term 10 policy can be exchanged for term 20 or 30 between policy year one and five. No evidence of insurability or underwriting is required
Universal Life Insurance
Ivari is well known for its Universal Life insurance (UL). It’s the only permanent product they have and it’s well placed in the Canadian marketplace in terms of affordability.
Like whole life, UL has a cash value component which can be used by the policyholder for any number of reasons including retirement income and reducing your estate taxes.
If you want to understand universal life as well as an insurance advisor, read my article here.
Critical Illness Insurance
Critical Illness insurance or CI is best suited for healthy people who want to protect themselves from a serious illness they’re likely to recover from.
Ivari offers coverage in term 10, 20 and to age 65. CI seems like a simple product but it can be complicated. To qualify for the benefit, your illness or condition has to meet very specific definitions as laid out in your policy.
If you’re thinking of purchasing critical illness insurance, read my article here first.
If you want to know more about Ivari Assurance and its products in detail, click below and read my full review!
Call Policy Architects BEFORE You Purchase Ivari Assurance
All life insurance companies are NOT created equal. They all have areas where they specialize. For example, Ivari Assurance has the most lenient build chart in Canada. If you’ve been told you’ll pay higher than standard rates with another carrier because of your weight, you may have a shot of getting standard rates with Ivari!
They also have competitive underwriting! So if you have a well managed medical issue like high blood pressure it’s likely we can get you a solid standard rating if you are otherwise healthy.
The issue I run into with most clients is they read about a company online and get attached to the idea. That’s great in theory – the problem is it may be an insurer that’s tough on diabetes and they are a diabetic.
A mistake here can mean that this client pays THOUSANDS more over the course of their term. The devil is in the details.
That’s where we come in. You need a solid independent agent that cares and knows the ins and outs of these companies. Get in touch with Policy Architects Today!
Click the button below to get a free quote or schedule a no-obligation call here.