Ivari Life Insurance: Products We Want You to Note
Ivari Life Insurance is one of those NAMES that are relatively new to the market place.
In fact, a lot of clients call me up to ask me who they are. But don’t be fooled…Ivari is not an entirely new company. They are really TransAmerica life Canada rebranded.
This company has a long history, great financial backing, and terrific products.
The thing is not all life insurance companies are created equal so it’s important to find the right fit for you before running with an insurer.
So let’s take a closer look at Ivari life insurance right now to see some of their high and low points.
Who am I and Why Do I Care?
My name is James Heidebrecht, I’m the owner of Policy Architects. We are a small boutique life insurance agency that serves the needs of Canadians from coast to coast.
I started this blog because I feel there is a need for some “real” talk when it comes to life insurance. There is so much information out there – but a lot of it’s technical and sales driven.
I hope this article helps you navigate the confusing life insurance market. A little information can save you thousands.
So back to Ivari insurance!
The death of a breadwinner is HARD. This is the experience of a young man that lost his father to pancreatic cancer. No one wants their children to go through this:
I’d just lost my dad. And now, less than two months later, I was losing my home too. It all seemed so unfair. As I folded up my clothes, in the bedroom I’m had since I was a child, all the grief got too much. I punched the wall so hard I almost broke my knuckles.
One of the best ways to protect your family and home from the unexpected death of a breadwinner is with term life insurance. Ivari has an interesting Term 30 product which provides a lot of flexibility.
Ivari Life Insurance: Products That Stand Out
Term 30 Select
Like many carriers, Ivari offers 10-year. 20-year and 30-year Term insurance. Their Term Select30 however, is different in that it offers more flexibility for policyholders when compared with other Canadian life insurance companies’ term 30 products.
This coverage can be customized to consumers needs over time. People get married, divorced, have children, purchase homes, sell those homes and buy other homes or downsize to condos.
Ivari’s Term 30 has three unique features. Between year 15 and 20 of your policy, you can elect to Stop paying premiums and do one of the following:
- Select30 – Choose a reduced paid-up amount of term insurance for the remainder of the 30-year term
- SelectLIFE – choose a reduced paid-up amount of permanent coverage for the rest of your life
- SelectValue – Choose to receive a small amount of cash value and cancel the coverage entirely
This is a very compelling feature because you can lock in low rates for longer protection but if your needs change, you still have other options.
For example, let’s say you take out a $500,000 30-year term policy with Ivari Insurance to protect your mortgage. Nineteen later your home is pretty much paid off and you no longer require $500,000 of 30 year term coverage. The good news? Instead of just cancelling your policy outright, you can opt to stop making payments and receive $30,000 of paid-up permanent insurance to cover final expenses down the road.
Universal Life Insurance
If you read my blog post on Universal Life Insurance, you’ll know it’s a from of permanent coverage that has both and insurance component and an investment feature. Similar to whole life, Universal life is also known as cash value life insurance.
This type of coverage is very flexible and can be designed to meet many different needs including an insured retirement plan (IRP) and an immediate financing arrangement (IFA). These are both vehicles that can be used to transfer corporate and family wealth to the next generation.
A Universal Life insurance policy can also be designed with no investment feature or cash value. This type of policy is ideal for consumers who are looking for the lowest cost permanent coverage with guaranteed level premiums for life. In life insurance lingo, this is known as guaranteed Universal Life. Face amounts start as low as $25,000.
Ivari Insurance has an excellent reputation in the Canadian marketplace for its universal life product. Not to mention it’s among the most affordable too! If you’re interested in finding out more about Universal Life and whether it’s right for you, speak with an experienced independent life insurance agent as it can be complicated to understand.
Ivari Life Insurance: Gaps In Their Product List
If you are looking for whole life coverage Ivari is not the company for you.
They don’t deal with simplified and guaranteed issue permanent policies either although they do underwrite Specialty Life. So if you are in your senior years and looking for a small whole life, final expense policy less than $25,000, you are going to have to find another insurer.
Who Should I Consider Ivari Life Insurance?
Worried About Your Weight?
There is one particular area where Ivari life insurance is more forgiving than many of their competitors when it comes to underwriting. That’s their height and weight chart…
The Ivari Build Chart is the most lenient in Canada. For example, if you’re 5’10” tall and you weigh in excess of 232lbs, Manulife will rate you 125%. That means you’ll pay 25% more for your life insurance.
With Ivari, the same 5’10” applicant will get standard health rates as long as they weigh 268 lbs or less. That’s a big difference: 36 lbs!
If You Are Thinking About Ivari Insurance, Give Us a Call Today!
Ivari Insurance, in my opinion, is one of the top 5 life insurance companies in Canada.
Even so, every life insurance company is unique. While Ivari might work like a charm for your cousin that has well-managed diabetes and is overweight…
That’s where we come in.
Give us a call today and we will go through your specific needs to find the perfect life insurance company for you.
Our advice is free – but it could save you thousands and lots of time and frustration!