ivari Life Insurance Review: Worth It or Not?
ivari life insurance review (2025 update)
ivari, formerly known as Transamerica Life Canada, is a Canadian insurance company known for its practical insurance and investment products. It was founded in 1933 and offers insurance solutions like life insurance, critical illness insurance, plus investment solutions for retirement, and more.
ivari life insurance: Our verdict ★★★★☆ (4/5)
Overall, ivari is a solid life insurance provider—it’s over 90 years old, has a strong industry reputation, and high financial strength ratings. It combines a variety of life insurance products with a customer-first team of insurance advisors and meets the needs of Canadians across the country.
Our favorite thing about ivari is its overall policy flexibility and options—for example, Select30 allows you to stop paying premiums and decrease how much insurance coverage you have for the rest of your term at the 15 and 20-year milestones.
But, there are a couple factors that set ivari behind some of its life insurance competitors:
- High term life premiums: ivari’s term life insurance rates are relatively above average compared to competitors.
- No whole life policy: ivari does not offer whole life insurance.
Our take: ivari may not be the best life insurance fit for budget-conscious Canadians considering term life coverage, or those looking for whole life insurance. However, it does offer flexible term life options and well-reviewed customer service.
ivari life insurance: Key features
ivari is well-known for its financial stability, continuous company growth, and specialized life insurance products. At the forefront of its 2024 annual report, and throughout its website, ivari also boasts the use of technology and digital solutions to improve its customer experience.
Here’s a quick overview of its key features:
- Financial strength: ivari acquired over $95.9 million in new life sales in 2024. The company holds $15 billion in assets, and an A.M. Best rating of A-.
- Customer service: ivari is committed to serving each of its customers through an accessible network of insurance advisors, who can be reached over the phone.
- Flexible term life options: Policyholders can choose from term plans of 10, 20, or 30 years, with three unique built-in choices for Term 30 policies.
- Access to virtual healthcare: Select policyholders gain access to ivar’s online medical care portal called Virtual Healthcare by Maple, which offers text, video, or audio care around the clock.
- Online policy management: Policyholders can view their insurance policy details through their My ivari online portal.
- Online insurance calculator: ivari’s My Insurance View can help life insurance shoppers understand their coverage needs.
- Online forms: All ivari forms can be uploaded online for fast and easy requests.
ivari life insurance: Pros and cons
From life insurance rates to the underwriting process, customer support, and investment options; here are the good and bad parts of ivari life insurance.
ivari life insurance cost and value
One of ivari’s biggest downsides? High term life insurance rates. The tables below compare 20-year term rates from ivari and PolicyMe for non-smoking individuals in average health with $500,000 in coverage. The difference may seem marginal, but they add up overtime.
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 quotes we collected.
ivari life insurance reviews and customer service
Our ivari customer service score: ★★★★☆ (3.8/5.0)
ivari life insurance has its fair share of both positive and negative reviews, but it generally ranks above the industry’s average for customer service. To summarize their Google reviews, we’ve compiled a list of the good and the bad:
Want a closer look at ivari’s customer experience? Here are a few reviews we pulled from Google:
"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 a lot 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
"Worst experience I have ever had. After 12 months of paying my life insurance with them, I decided to switch to a 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 at a glance
ivari life insurance offers term life and universal life insurance products with a number of available riders and add-ons for each policy type. They also sell guaranteed life, simplified life insurance, and critical illness insurance.
Term 10 or 20
ivari’s baseline term plans come in periods of ten or 20 years. Here are the basic features of these policies:
- Terms: Standard term life insurance policies with 10 or 20-year terms.
- Issue ages: Up to age 70 for 10-year plans, or up to age 60 for 20-year plans.
- Coverage: Death benefits ranging from $50,000 to $2.5 million, with a cap at $10 million for certain plans.
- Policy structure: Option to choose a single or joint policy. Joint policies are available as first-to-die or last-to-die joint life insurance.
- Renewability: Renewable up to your policy anniversary nearest your 80th birthday.
- Convertibility: Convert these policies to permanent life insurance to your coverage anniversary nearest age 71.
Term 30 with SelectOptions
Term 30 with SelectOptions plans have many of the same features as ivari’s Term 10 and Term 20 plans. Coverage, policy structures, and convertibility options are the same, but here are some noteworthy differences for the Term 30 Plans:
- Term: Coverage that lasts up to 30 years.
- Issue ages: Up to age 50.
- Renewability: Automatically renews at year 30 and transforms into permanent coverage.
- Premiums: Level premiums payable until age 100.
Another major difference for Term30 with SelectionOptions plans is the conversion options for policyholders at the 15th and 20th coverage anniversary. Customers can choose from the following three policy routes:
- 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 can be added to any term policy for an extra fee:
- Accidental death and dismemberment: Provides a benefit if death or dismemberment occurs from an accident.
- Critical illness protection: Pays a one-time lump sum for four or 25 covered conditions if you become critically ill and survive the 30-day survival period.
- 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: Waives the premium if the insured person is disabled before age 65.
- Children's insurance: Not a standalone policy, but an add-on to your term policy that provides low-cost term life insurance coverage for your children.
Universal life insurance (UL)
Universal life insurance is a type of permanent life insurance policy that offers unique benefits for investment growth. Here’s what you can expect from Ivar’s UL policies:
- Investment growth: Tax-deferred investment growth component.
- Policy structure: Option to choose a single or joint policy. Joint policies are available as first-to-die or last-to-die joint life insurance.
- Coverage: Death benefits starting at $25,000 for single life policies and $100,000 for joint life policies. They can range up to $10 million with increasing death benefits or $20 million level death benefits.
- Bonuses: Option to get a guaranteed bonus, either via accumulation (making consistent payments) or performance (depends on how well your investment funds perform).
- 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 the following, depending on your policy details:
- Level cost of insurance: Cost is fixed until age 100 with enhanced tax deferral options.
- Waiver of monthly deduction: Waives planned premium payments if disability occurs before age 65.
- Payor waiver of monthly deductions: Waives monthly deductions for a child’s policy until they are age 25 if the person responsible for the policy passes away or is considered totally disabled before age 65.
- Waiver of planned premiums: Waives planned premiums if the insured person is considered completely disabled before age 65.
Guaranteed life or simplified life insurance
ivari also offers guaranteed life or simplified life permanent policies, which are designed to speed up the underwriting process and skip full medical exams. These plans are generally pricier than other term or permanent policies, but they can be handy for policyholders who can’t get other types of life insurance due to health issues, or those who want a faster application process. Here’s what you can expect from ivari’s policies:
- Policy type: Permanent life insurance
- Key benefits: Offers a quick and simple application process with no medical exam, guaranteed fixed premiums, and access to value-added benefits.
- Issue ages: Available to those between the ages 18 to 74.
- Coverage: Death benefits of $10,000 to $25,000 for guaranteed life plans, or $10,000 to $500,000 for simplified life plans.
How ivari compares to other insurers
ivari excels in coverage flexibility and customer service. But, providers like Canadian Life, Manulife, PolicyMe, and Sun Life achieve higher financial strength ratings while offering more coverage flexibility.
Take a look at the table below to compare ivari with some of Canada’s top life insurance providers.
ivari life insurance vs. PolicyMe life insurance
PolicyMe offers more affordable term life insurance rates than ivari, with savings adding up to almost $15 per month for some term lengths—that’s $180 per year. This means you could save up to $3,600 over a 20-year term with PolicyMe.
Cost aside, here’s how PolicyMe and ivari compare when it comes to convenience, simplicity, and support.
Final takeaway: PolicyMe is best for people who want flexibility to apply solo or with the help of an expert, those who appreciate a fast and simple coverage selection process, and people who want control and speed through a digital experience that eliminates paperwork.
The bottom line: Who should consider ivari?
Overall, ivari offers the financial stability and reputability of a trusted insurance provider and covers flexible life insurance options, but it definitely isn’t a cost leader for life insurance in Canada.
Price-sensitive insurance shoppers may want to compare life insurance quotes from other providers before considering ivari. But, ivari may be a good option for someone who doesn't mind paying a higher rate for the benefit of ivari’s various policy add-ons, like critical illness insurance.
ivari might also be a good fit if you’re a younger person looking for a 30-year term life insurance policy that may be converted to a permanent policy over time.
FAQs: ivari life insurance
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.