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Ivari Insurance

Ivari Insurance Review: What's Their Story? 

James Heidebrecht Ivari Reviews 2020

Ivari is on our 2021 list of top life insurance companies in Canada. They have an excellent record of paying out claims, not to mention they're owned by the Canada Pension Plan Investment Board. So, when you purchase an Ivari life insurance policy, you're indirectly investing in your own pension plan. We Give Ivari insurance 4.5 stars.

James Heidebrecht Founder of Policy Architects

Ivari Life Insurance Review: History

I bet you’re checking out this Ivari insurance review to see if they are a good match for you.

Amazingly a lot of people haven’t heard of them and even question how to pronounce their name 

The funny thing is, this powerhouse of an 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 it’s now owned by one of the biggest pension funds on the planet: Canada Pension Plan Investment Board (CCPIB). 

If you haven’t heard of them, well that’s a shame. With its head office in Toronto, Ivari is one of the top 15 life insurance companies in Canada.

Transamerica Life Canada Origins

In operation since 1927, Transamerica Life Canada morphed into Ivari life insurance when it was purchased by Wilton Re, a large reinsurance company…

…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 Canada Protection Plan).

The CPPIB is one of the most well-respected pension funds worldwide and has assets under management in excess of $370 Billion. So, the financial roots of Ivari 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 insurance questions

Wow...so if I buy an Ivari life insurance policy, it's like I'm investing in my own Canada Pension Plan, right?


ivari insurance answers

Well not exactly BUT they are financially strong because of this connection. It's one of the hidden perks of going with Ivari. Just remember performing your due diligence saves you lots of time and money so let's keep going.  

Ivari Financial Rating 

Ivari is a privately owned corporation based in Toronto. 

In business for more than 80 years, Ivari Canada has approximately 500 employees and assets of $10 billion under management and net revenue of $173 million in 2019. Not too shabby!

The good news doesn’t end there:

  • Since 2019 Fitch Ratings has given an ‘A+’ Insurer Financial Strength (IFS) rating to Wilton Re and Ivari
  • A.M. Best confirmed the 2019 Financial Strength Rating (FSR) of ‘A+’ (Excellent) and the Long-Term Issuer Credit Rating (ICR) of ‘A’ of Ivari (Toronto, Ontario, Canada)
ivari insurance review ratings

As you can see, this company has solid financials and isn't going anywhere!

What Do Ivari Customers Think? 

Ok, so a word of warning for people who rely too heavily on reviews online.  People like to complain. 

The sad part is they don’t share good experiences as often their do frustrating ones. So please bear this in mind when you check out the consumer reviews for ANY big life insurance company. It’s likely you will find a lot of people who are dissatisfied about something encounter.

Ivari insurance is rated 2.7 stars out of 5 based on 52 Google reviews. It’s hard to know how much stock to put in these reviews. 

Unfortunately, it only takes a few one-star comments to sink your ship on Google and Ivari definitely has a few of those…but they also have 5-star reviews as well.

Transamerica life canada Customers

“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 be sure to remember. All life insurance companies have some negative feedback. It’s normal for consumers to share mishaps rather than smooth dealings.

In fact, some of the bigger companies like Sun Life seem to be able to get around the system. They don’t appear to have any Google reviews viewable online.


ivari insurance questions

...so what about the Better Business Bureau?

ivari insurance answers

Although Ivari Canada isn't officially accredited by the BBB, they have a rating of A+.

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 there’s truth in what Richard Branson says, Ivari takes care of its employees pretty well. Indeed gives them 3.6 stars out of 5 and Glassdoor 4 out of 5.

Ivari Insurance Products 

This is my favourite part of every review.

Ivari Canada has a whole range of life insurance products that include Term, Universal Life and Critical Illness insurance. They are also partnered with Specialty Life Insurance (SLi) who have a suite of simplified and guaranteed issue life insurance products! 

Ivari Insurance isn’t all over the place like some insurers, they niche down. There are companies that offer everything under the sun from life insurance to travel insurance – but to be quite honest this makes me nervous.

Can you really be a jack of all trades and do them all VERY well?

Anyway, this isn’t something you need to really worry about with Ivari because they don’t go too far afield with their offerings. They do a couple of things really well: Life Insurance & Critical Illness Insurance.

So let’s start with their life insurance offering right now!

Ivari Insurance Review Products

Ivari: "Universal Life Insurance" 

Ivari canada Universal Life

Universal Life (UL) is a form of permanent life insurance that covers you until the day you die. 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 as a result of their focus and specialization, it has one of the best reputations in the Canadian marketplace.

Universal Life Insurance is very flexible and can be customized for many different situations including an Insured Retirement Plan (IRP). An IRP is a vehicle that can be used to transfer family & 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 make sure that Ivari UL is the right product for you. 

Check Out the Deets! 

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


  • 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

Ivari: "Term Life Insurance" 

Ivari Toronto Term Insurance

…and of course, we’ve got Term Insurance. It’s the best-known and most affordable type of life insurance after all.

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 term
  • Guaranteed renewable premiums beyond the original term
  • Term 10 & 20 renewable to age 80
  • Term select 30 renewable at policy year 30 with level premiums for life
  • Convertible to Permanent insurance up to age 71 at same underwriting class

Check Out the Deets!

Coverage Options

  • Single life
  • Joint First to Die 
  • Joint Last to Die 

Minimum Coverage

  • Single Life – $50,000
  • Joint (two lives) – $100,000

Maximum Coverage

  • $10 Million


  • 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

Looking For An Ivari Life Insurance Quote?

Ivari TERM 30 with SelectOptions

Ivari Insurance 30 year term

This product is a carryover from Transamerica Life Canada and has some interesting built-in insurance options available between year 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 Ivari’s TERMselect30 is one of the more expensive Term 30 products out there? Here’s why.

Our 35-year-old Female is now age 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.

  1. Select30 – take $250,000 of paid-up term insurance to age 65 (the end of her 30-year term)
  2. SelectLIFE – take $60,000 of paid-up permanent insurance for life, or 
  3. SelectVALUE – get access to $4700 of cash value in her policy.

This is a cool feature if you’re looking for longer-term protection but you’re not exactly sure for how long and you want flexibility.

Ivari Term 10 Exchange Program

Ivari Insurance 10 Year Term

Ivari’s Term 10 Exchange Program is another carryover from Transamerica Life Canada. 

It allows current Term 10 clients to exchange their coverage for Term 20 or 30 coverage without applying again or providing medical evidence of insurability. To be eligible, the exchange has to take place after year one of your policy and before the end of year 5.

For example, let’s say a 28-year-old male wants to get as much life insurance coverage as cheaply as possible.


He’s getting married and money’s tight. So, he gets a $1 million Ivari term 10 policy for $54 per month at standard health rates.

Four years pass. Now he’s 32, married and has a new job. His wife is expecting their first child and they’re also looking to buy a home. 

Ivari’s term 10 exchange program allows him to exchange his $1 million Term 10 policy for a $1 million Term 30 policy. No reapplying, no new blood tests and he receives the same health classification as he did with the original policy:


…and Term 30 now provides more him with lengthier protection for his family. 

It’s a great option if you’re young and want the opportunity to lock into a larger amount of coverage at low rates with the possibility of extending the term on that coverage without the hassle of reapplying.

*NOTE: This is a common term feature with many carriers and is great for insurance planning

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 these days but you have to make sure you understand what you’re getting into when you sign on the dotted line. Some critics think the definitions in the fine print of the policy are so limited, that it’s difficult for consumers to make a claim. Read my post about Critical Illness here.

Invented by a South African heart surgeon, CI was created as a means to alleviate the financial stress that goes along with 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 paid out tax-free and there are no restrictions on how you can spend the money. 

Coverage Details:

Ivari Insurance Critical Illness
  • Traditional medical underwriting
  • Covers 4 or 25 conditions (including 5 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 you with a lump-sum benefit if you’re diagnosed with a critical illness according to the definitions set forth 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 Review: 2021 Rates

Policy Architects
35 Year Old Male$25.43 $39.60
35 Year Old Female$22.95$30.60 
40 Year Old Male$32.85$56.70
40 Year Old Female$27.45 $42.30
45 Year Old Male $53.10 $89.55
45 Year Old Female$38.48 $63.90
50 Year Old Male$85.73  $149.85
50 Year Old Female$60.98$100.80
55 Year Old Male$150.53$288.00
55 Year Old Female$103.28$189.45 
60 Year Old Male $253.35$486.90
60 Year Old Female$168.30$322.65
65 Year Old MaleNANA
65 Year Old FemaleNANA

*Ivari Life Insurance Quotes, 20 year term, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. March 2021.

Ivari Insurance Review: Underwriting 

COVID-19 Underwriting Update

Due to the COVID-19 outbreak, Ivari has temporarily increased its no medical face amounts. Healthy applicants can now apply for up to $750,000 of coverage without providing fluids or undergoing physical tests.

Ivari Life Insurance Underwriting

The majority of Ivari insurance products require traditional underwriting, including health questions and a paramedical exam.

However, non-medical underwriting is available for coverage amounts below $250,000 if you’re 45 or younger. This means if you’re older and are looking for no medical life insurance Ivari isn’t the carrier for you. 

…and yes there are reasons to consider no medical life insurance for higher face values. Schedule a call Policy Architects today if you think this may apply to your circumstances.

So let's take a look at some areas where Ivari Insurance is competitive!

Ivari Insurance Cigars

Cigars & Marijuana

Do you like smoking the occasional cigar? Don’t sweat it, you’re still eligible for non-smoker rates with Ivari provided you smoke one cigar or less per month and use no tobacco products.

Also, when it comes to life insurance and marijuana, a casual pot smoker (a few joints per week), is eligible for non-smoker rates with Ivari.

Pssst, there’s zero tolerance for any tobacco products mixed in with your weed. Read more about life insurance & marijuana in my article here.

Ivari Insurance Ratings

Ivari & High Risk Life Insurance

When it comes to Ivari insurance, independent life insurance agents in the know have a secret…


Ivari has top-notch underwriting department. Does that mean they’re pushovers? No, it means they work hard to truly assess risk.

For example, if you’re like me and you’ve eaten too much during the COVID-19 quarantine, Ivari may be your best bet!

Build Charts or Weight tables are used by insurance companies, including Ivari, to determine whether an applicant is considered overweight or obese. Compared to other major carriers, the Ivari build chart is the most lenient in Canada.

Also, if you’re healthy and have well-managed type 2 diabetes, you may have a better chance of getting a standard health rating with Ivari than other carriers. Of course, there are no guarantees. 

These factors combined with their attention to detail means you may get a more favourable rating with Ivari than with other carriers.

For example, if you have high blood pressure but it’s well maintained with meds…and you’re also overweight, you may qualify for a standard rate with Ivari.

Ultimately, this means you could save thousands of dollars over the life of a policy. Yet another reason why it’s important to work with an independent agent who knows the ins and outs of the best life insurance companies.

Looking For An Ivari Life Insurance Quote?

Ivari Insurance Application Process

Like most life insurance companies today, Ivari insurance has an electronic application process – Ivari 360 – which can be completed remotely over the phone or zoom meeting. 

This platform integrates seamlessly with Ivari’s illustration software, offering consumers a complete underwriting process in record time. Fast is Good!

Another perk? Progress can be saved which makes the process very flexible. For example, your advisor can enter the bulk of your data, save it and then finish off the application pending more information or documents from you.

Part of the application process involves deciding how much coverage you need.

The reality is, most people require more protection than they think. This is why we perform a needs analysis at Policy Architects. Great coverage depends on serious planning. 

ivari insurance questions

Sounds like you are trying to up-sell people. I think this is a little bit of a scam. Agents just want to sell more insurance! 

ivari insurance answers

Nope not at all. I think most of my clients are sincerely shocked when they think about the amount of life insurance they need to maintain their lifestyle. The numbers are staggering. They were even for our family. 


How Much Life Insurance Do I need?

For the majority of us, life insurance is about replacing income for dependents when we’re not there.

If you’ve got kids and a mortgage, a substantial amount of coverage may be required to make sure there’s enough money coming in 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.

Ivari has an interesting needs analysis tool – if you’ve got some time – called My Insurance View which lets you enter all your personal and financial data, including: 

  • Your children and how old they are
  • Mortgage & amortization
  • Other debt
  • Assets
  • Percentage of gross income you want to leave for your family (and for how long) 

You input all your deets and Ivari My Insurance View spits out a prescription for coverage which you can adjust. Yes, it has some limitations but it’s a great place to begin the process.

...So is Ivari Insurance a good fit for you? Let's check out the pros and cons...

Ivari Insurance "Pros"

ivari insurance review

Excellent Claims Experience 

I put this one at the top of the list because, at the end of the day, it’s the only thing that matters.

Ivari has a top-notch record when it comes down to paying out benefits to policyholders. In 2018, 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 5 days from receipt of last required documents.

That’s unbelievable! And, if your policy is older than 10 years and the face amount less than $50,000 they pay it out in as little as 2 days!

Personally, I’ve heard of cases where it’s taken carriers from 6 – 18 months to pay out a claim so Ivari gets bonus points here.

ivari insurance review

Financially Solid 

Ivari, originally Transamerica Life Canada, has been helping Canadians for more than 80 years. 

They have an A+ rating with Fitch and A.M. Best. Not to mention, they’re owned  by the investment board of one of the worlds top retirement funds: the Canada Pension Plan. Need I say more?

ivari insurance review

Most Lenient Underwriting For Heavy People

 Ivari has a very responsive underwriting department.

I personally find clients who have moderate health issues such as well-managed type 2 diabetes get more favourable outcomes  with Ivari than with many other carriers.

Also, the Ivari build chart is one of the most forgiving in Canada. So if you're on the larger side, Ivari may view you more favourably than other carriers.

ivari insurance review

Excellent and Best Priced Universal Life Product  

Ivari Insurance ranks #1 in the marketplace for their Universal Life Insurance (UL) which is one of their best sellers. When running quotes, they come out on top in term of affodability as well!

ivari insurance review

Unique TERMselect30 Product With Paid Up Options

Ivari’s flexible TERMselect30 is term 30 policy with built-in options in years 15 - 20 which allow you to stop paying premiums and opt for paid-up term, permanent or some cash value. 

This may be very useful.

ivari insurance review

Strong, Community Based Culture

Transamerica Life Canada has always had strong roots in the community and that didn't change when they were rebranded. Ivari Canada is involved in a number charitable efforts including their "Healthy Steps" program for children. Also, employees' charitable contributions are matched and Ivari provides paid time off for them to  volunteer.

Ivari Insurance "Cons"

Pricier Term Insurance 

Ivari's term products used to be more competitive but recently, they increased the price and let’s just 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 final expense, the cost is very competitive. 

Having said that, sometimes you get what you pay for and with Ivari, you know your claim will get paid out and speedily.

Standard Term 30 Issue Age of 50 or Lower

Ivari has lower issue ages compared to some other carriers for their term insurance. 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 age 50 or below.

Ivari’s age cap is 80 whereas some other carriers will cover you up to age 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.

No Participating Whole Life Product

Ivari has a highly rated Universal Life product which should diffuse some criticism.

So to be fair this is  only a partial CON. However, if you’re looking for a guaranteed cash value life insurance product that you can “set and forget”, like Whole Life Participating, they come up short.

Looking For An Ivari Life Insurance Quote?

Is Ivari Canada The Right Insurance Company for YOU!?

Well first let me begin by saying I have a soft spot for Ivari. I put them in my top 8 list of best life insurance companies in Canada – 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. It’s good to know your investment in your family’s future is safe. Not to mention, when you purchase an Ivari insurance product, you’re indirectly supporting our own Canada Pension Plan.

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. 

James Heidebrecht Ivari Insurance

Get Quotes From Ivari and Other Life Insurance Companies Before You Decide

I’ve written this Ivari insurance review to provide you with in-depth details about the company, their financial status and their products.

Do you think Ivari Canada is right for you?

Click here to get a free quote or schedule a call.

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