Our Ivari life insurance review

Our rating for Ivari life insurance: ★★☆☆☆ (2/5)

Bottom line: Ivari doesn’t offer the cheapest life insurance, so if you're price-sensitive, you may want to weight other options. Ivari's strengths lie in their offering of flexible policy add-ons.

Who is Ivari?

Ivari is an insurance company based in Canada that offers a wide range of insurance and investment products. It was founded in 1875, making it one of the oldest insurance companies in the country. Ivari offers a diverse range of insurance products, like life insurance, critical illness insurance, disability insurance, and investment solutions.

Ivari Insurance quick facts

Ivari's headquarters are in Toronto, Ontario
700,000 policyholders across Canada
250 employees
Fitch Ratings gave Ivari an -A credit rating, as of 2024.

Ivari life insurance cost

As you can see, Ivari is not very competitive on price. And we're not talking just about PolicyMe, other industry leaders like RBC, Desjardins and Empire Life beat out Ivari in all the prices we checked. To help you compare we've pulled publicly available rates for non-smoking individuals in average health for $500,000 in coverage over 20 years.

Age	T20 (Woman)
	Ivari	PolicyMe
Age 35	$23.40	$22.93
Age 40	$35.00	$33.27
Age 45	$55.00	$51.25

Age	T20 (Man)
	Ivari	PolicyMe
Age 35	$34.00	$31.27
Age 40	$50.00	$44.96
Age 45	$84.00	$71.49

Source: Winquote.net & thetermguy.ca

PolicyMe is a price leader in term life insurance in Canada because we've cut inefficiencies and middlemen, resulting in a same-quality policy, just more affordable.

Save big on term life insurance with PolicyMe

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Ivari insurance: pros & cons

Ivari life insurance pros:

Competitive rates on universal life insurance: Last we checked, Ivari came out consistently as the cheapest option, or in the top three.
Diverse coverage options: Ivari offers a wide range of life insurance products, allowing individuals to choose the coverage that best suits their needs and budget.
Flexibility: Ivari's life insurance policies often offer flexible payment options, allowing individuals to choose between monthly, quarterly, or annual premiums.
Additional features: Some of Ivari's life insurance products may include additional features such as critical illness coverage or disability riders.
Customer support: Ivari is known for its customer-centric approach, offering support and guidance throughout the insurance process.
Availability: Ivari is licensed to sell insurance products in all provinces and territories in Canada.

Ivari life insurance cons:

Limited online presence: Ivari's online resources and tools may be relatively limited compared to some other insurance providers, potentially leading to less self-service options.
Underwriting process: ivari's underwriting process for life insurance policies may be more stringent compared to other providers, resulting in potentially higher premiums or stricter eligibility requirements.
Not the cheapest option for term: they came out in the middle of the pack in terms of term life insurance premiums.
Limited investment options: Ivari's life insurance products may have limited investment features compared to standalone investment products, which could impact potential growth opportunities for policyholders.
Lack of specialized products: Ivari may not offer specialized life insurance products tailored to specific demographics or professions, which could be a drawback for individuals seeking niche coverage.

Ivari life insurance customer reviews

Positive Ivari life insurance reviews

"We were generously helped with our process last year to get life insurance for our business to use for our cash reserves. I had a lot of questions and my advisor was great about helping me with it. My investments beat the market by alot so I am glad I got in before and looking forward to add more funds." - Customer on Google Reviews

"My mom and dad had insurance with Transamerica for years. They changed to Ivari and we still had a smooth claims experience with them when my dad passed away. My mom got her full claim, no problems. After that, I also purchased insurance with Ivari through my advisor. I see a lot of negative feedback here and it's unfortunate. We have had nothing but great experience both with applying and when putting in a claim. You've given my mother piece of mind, and now myself as well." - Customer on Google Reviews

Negative Ivari life insurance reviews

"Worst experience I have ever had. After 12 months of paying my life insurance with them decided to switch to different insurance company. The agent told me it's already canceled but they keep on charging me still until now. I won't recommend this insurance company." - Customer on Google Reviews

"Be very careful if you have a life insurance policy. Make sure to stay on top of the expiry date or they will automatically renew it at 10 times the monthly amount you were paying. In the fine print of the final book they send you after already signing a contract that does not state automatic renewals is a clause that gives them the right to renew without notification." - Customer on Google Reviews

Ivari life insurance products

1. Term 10 or 20

Standard term life insurance policies that you can buy in 10 or 20-year terms.
Ivari recommends using the 10-year policy as a complement to your existing permanent life insurance so you can get extra coverage if you need it.
Coverage from $50,000 to $2.5M, though more coverage is possible, even over $10M.
Option to choose a single or joint policy.
Joint policies are available as first-to-die or last-to-die joint life insurance.
Renewable up to your policy anniversary nearest your 80th birthday.
Convert these policies to permanent life insurance to your coverage anniversary nearest age 81.

2. Term 30 with SelectOptions

If you have long-term debt like a 25-year mortgage or need income protection for your retirement years, consider ivari's Term 30 with SelectOptions.
With Term 30, you get coverage that lasts for 30 years.
The unique feature of Term 30 is that it automatically renews at year 30, providing you with permanent coverage.
Level premiums payable until age 100.

Between the 15th and 20th coverage anniversary, Term 30 with SelectOptions offers additional benefits.

Select30: stop paying premiums and decrease how much insurance coverage you have for the rest of your term.
SelectLIFE: get paid-up lifetime final expense coverage. You don't pay any more premiums, you reduce your coverage and extend your policy for life.
SelectVALUE: access the cash value of your policy through surrendering or decreasing coverage. Or convert to one of ivari's eligible universal life policies. The cash value can then be used as a tax-deferred bonus credit.

You can also choose from a large number of riders that you can add on to your term policy for an extra fee:

Accidental death and dismemberment
Critical illness protection: available for four or 25-condition coverage.
Payor waiver of premiums: no premiums if the person paying for a child's life policy passes away or is completely disabled.
Waiver of premium
Children's insurance: not a standalone policy, but an add-on to your term policy.

3. Universal life insurance (UL)

Tax-deferred investment growth, which is standard with universal coverage.
Change your premiums, death benefit and investment options if you want.
Option to get a guaranteed bonus, either via accumulation (making consistent payments) or performance (depends on how well your investment funds do). 3
Living benefit: if you're disabled, you can access your fund value tax-free and without paying a surrender charge. Disabilities stemming from pre-existing conditions don't apply.
Compassionate assistance program (CAP): take out a loan against your death benefit if you're diagnosed with a terminal illness or injury, or your life expectancy is under two years.

As for riders, you can access the same ones as for the term policies above, plus:

Level cost of insurance: cost is fixed until age 100.
Waiver of monthly deduction
Payor waiver of monthly premiums

Ivari insurance vs PolicyMe insurance

Price aside, the experience of buying and managing life insurance can vary a lot between providers. Here’s how PolicyMe and Ivari compare when it comes to convenience, simplicity, and support.

Application process

PolicyMe gives you options. You can apply 100% online, no advisor required. But if you want help or have questions, licensed advisors are just a call or chat away.
Ivari runs through advisors by default. You'll need to speak with one to apply, make changes, or ask questions along the way.

Best for: People who want flexibility — apply solo or get expert advice when you need it.

Policy simplicity

PolicyMe keeps it clean. Straightforward product offerings — term life insurance or permanent life insurance — with no fluff, no hidden riders.
Ivari gives you more bells and whistles. Term, universal life, riders galore… but it might take a spreadsheet to compare it all.

Best for: Anyone who wants to skip decision fatigue and just get covered.

Digital experience

PolicyMe is digital-first. From quote to claim, it all happens online. Support is responsive, via chat, phone or email.
Ivari has limited self-serve tools. You’ll need to work through an advisor for most things.

Best for: People who want control, speed, and no paperwork.

Affordable + family friendly perks = the PolicyMe difference

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Bottom line: Ivari is okay for customization, not great for price

Ivari definitely isn't a cost leader on life insurance in Canada. So the price sensitive will probably want to skip Ivari. Ivari is best for someone who doesn't mind paying to add on the many features on offer, from critical illness insurance to waiver of premium. Ivari is also a good option for those who are applying young for term life insurance and want a 30-year policy that they can convert into a permanent plan.