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…clients are surprised to find out they are really TransAmerica rebranded here in Canada.
This company has a looooong 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 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.
Hey don’t get me wrong, I love sales but I want to connect with my clients on a one on one basis. That’s how our business grows. If we give you great advice and take you through any issues that might crop up, then you are going to recommend us to friends and family.
It’s all about integrity.
I hope this blog helps you navigate the confusing life insurance market. A little information can save you thousands.
So back to our article!
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.
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 flexibilty for policyholders when compared with other companies’ term 30 products.
This coverage can be customized to consumers changing needs over the life of the policy. Afterall, our needs do change 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 available to you between year 15 and 20 of the 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 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 compelling feature because you can lock in low rates for longer protection but if your needs change, you have some interesting options.
For example, let’s say you take out $500,000 term Select30 policy with Ivari to protect your mortgage. Nineteen years go by and your home is pretty much paid off. You no longer require $500,000 of 30 year term coverage. The good news? Instead of cancelling your policy outright, you can opt to stop making payments and receive $30,000 of paid up permanent insurance moving forward 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 flexibile 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 has an excellent reputation in the Canadian marketplace for their universal life insurance product. 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 although they do underwrite Specialty Life Insurance. So if you are in your senior years and looking for a small whole life, final expense policy, you are going to have to find another insurer.
Who Should Consider Ivari Life Insurance?
Well Managed Diabetes, High Blood Pressure or Weight Issues?
Ivari has a top notch underwriting staff. They are good at what they do.
There is however one particular area where they are more lenient than some of their competitors and that’s their weight chart….
If You Are Thinking About Using Ivari Life Insurance Give Us a Call Today!
Ivari Life Insurance is one of my favourite insurers. To be completely candid I did my training with them so I have a soft spot.
But this respect doesn’t cloud my judgment. At the end of the day as an independent agent, my loyalty is with you as a client.
While one life insurance might work 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!