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To help you determine whether ivari life insurance is right for you, we reviewed their different products, prices, features and customer feedback.
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, including life insurance, critical illness insurance, disability insurance, and investment solutions.
In addition to insurance products, Ivari also offers investment solutions to help individuals grow their wealth. They provide a variety of investment options, including segregated funds and annuities, which allow customers to invest their money for future goals such as retirement or education.
See how Ivari's term life insurance prices stack up against the prices of products offered by other life insurance providers in Canada.
As you can see, Ivari is not very competitive on price. And we're not talking just about PolicyMe, other industry leaders such as RBC, Desjardins and Empire Life beat out Ivari in all the prices we checked.
Universal life insurance (UL) prices:
Prices are current as of June 2023. 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.
"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
"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).
Between the 15th and 20th coverage anniversary, Term 30 with SelectOptions offers additional benefits.
You can also choose from a large number of riders that you can add on to your term policy for an extra fee:
Affordable premiums. $10,000 in free Child Coverage per kid. 10 per cent couples discount in the first year. That's the PolicyMe difference.
As for riders, you can access the same ones as for the term policies above, plus:
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.
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.
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
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies: