Ivari Life Insurance Review: What You Need To Know


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In This Article

Key takeaways:

  • Ivari is a pricier option for term life insurance in Canada. It's consistently beaten by RBC, Desjardins, Empire Life and PolicyMe on the cost of monthly premiums.
  • Ivari has a wide selection of riders if you want a lot of customization for your policy.
  • Ivari's universal life (UL) product has limited features, but it's priced competitively. It's consistently one of the three cheapest insurers for UL in Canada, last we checked.

Our Ivari life insurance review

Our rating for ivari's life insurance: ★★☆☆☆ (2/5)

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 rates for 2023

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.

Ivari PolicyMe
20-Year Term, Woman 20-Year Term, Woman
Age 35 $30.60 $23.57
Age 40 $42.30 $33.61
Age 45 $63.90 $50.34
Age 50 $100.80 $80.60
Ivari PolicyMe
20-Year Term, Man 20-Year Term, Man
Age 35 $39.60 $31.46
Age 40 $56.70 $44.71
Age 45 $89.55 $70.61
Age 50 $149.85 $117.11

Universal life insurance (UL) prices:

Ivari Cheapest Rate
Man Woman
Age 35 $295.50 $250.92
Age 40 $368 $315.92
Age 45 $480.50 $406.75
Age 50 $586.75 $513

All prices are for non-smoking individuals in average health. Source: Winquote.net.

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.

Ivari life 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 its 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 its 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*

*Disclaimer: It is common practice in the insurance industry to automatically renew a life insurance policy at the end of its term. Since you're likely a lot older and riskier to insure, the price is also likely to go up substantially.

Renewing your term life at this point only really makes sense if you wouldn't qualify for life insurance if you applied again, and you want the coverage (for example, you have a critical or terminal illness).

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.

Affordable premiums. $10,000 in free Child Coverage per kid. 10 per cent couples discount in the first year. That's the PolicyMe difference.

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

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.

FAQ: Ivari life insurance review

Is Ivari a good company?

Ivari is a well-established insurance company in Canada with a long history and a strong reputation. They have been serving Canadians for over 145 years and are known for their financial strength and reliability. Their average Google star rating is 2.5 out of 5 stars, based on 116 reviews.

Who owns ivari insurance?

Ivari is owned by Wilton Re Ltd., a company based in Norwalk, Connecticut. Ivari was acquired by Sagicor Financial Company Ltd. in August 2022, and the deal is expected to be finalized by August 2023 as long as it meets regulatory approval. Wilton Re Ltd. bought Ivari in 2015; at that time the business was called Transamerica Life Canada and was owned by Aegon NV. Wilton Re then renamed and rebranded the company as Ivari. Wilton Re has actually been majority owned by the Caanada Penguin Plan Investment Board since 2014. 4


1: https://ivari.ca/media/files/LP469.pdf

2: https://www.sagicor.com/en-ag/news/sagicor-financial-company-ltd-to-acquire-ivari

3: https://ivari.ca/advisor/insurance/universal-life/ivari-universal

4: https://www.advisor.ca/insurance/life/sagicor-buys-insurer-ivari-for-325-million/

5: ‎https://www.fitchratings.com/entity/ivari-80091498

Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

Laura McKay

COO & Co-Founder
About the Author

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