Is Ivari Life Insurance Worth It? Full 2025 review
Our expert's opinion on Ivari
Ivari offers a focused suite of life insurance products in Canada, earning a moderate rating for its strong term and universal life plans that feature guaranteed payouts, robust rider options, and flexible premiums on its permanent policies.
Against major Canadian insurers, Ivari positions itself as a competitively-priced provider focused on flexible term and universal life solutions, often favouring customization over a broad product shelf.Its offerings are best suited for young families seeking affordable mortgage protection and individuals looking for permanent coverage with tax-advantaged investment growth through its universal life product.
While financial strength ratings are not publicly disclosed, ivari provides digital service tools including the Myivari customer portal and secure document upload; however, public customer satisfaction is low, with a Google Reviews score of 2.5/5 from 151 reviews, and claims are typically processed within weeks of receiving all required documents.
- ✅Competitive term and universal life pricing
- ✅Wide range of customizable riders available
- ✅High premium flexibility on universal life policies
- ✅Term policies convertible to permanent until age 71
- ✅Multiple lives and coverages on a single policy
- ✅Digital tools including a secure document portal
- ✅Joint first-to-die and last-to-die options
- ❌No whole life or hybrid insurance products
- ❌Low 2.5/5 Google Reviews customer satisfaction score
- ❌Significant surrender charges in early policy years
- ❌Reports of slow cancellation and claim processes
- ❌No publicly available financial strength ratings
Score- ✅Competitive term and universal life pricing
- ✅Wide range of customizable riders available
- ✅High premium flexibility on universal life policies
- ✅Term policies convertible to permanent until age 71
- ✅Multiple lives and coverages on a single policy
- ✅Digital tools including a secure document portal
- ✅Joint first-to-die and last-to-die options
Our expert's opinion on Ivari
- ✅Competitive term and universal life pricing
- ✅Wide range of customizable riders available
- ✅High premium flexibility on universal life policies
- ✅Term policies convertible to permanent until age 71
- ✅Multiple lives and coverages on a single policy
- ✅Digital tools including a secure document portal
- ✅Joint first-to-die and last-to-die options
- ❌No whole life or hybrid insurance products
- ❌Low 2.5/5 Google Reviews customer satisfaction score
- ❌Significant surrender charges in early policy years
- ❌Reports of slow cancellation and claim processes
- ❌No publicly available financial strength ratings
Score- ✅Competitive term and universal life pricing
- ✅Wide range of customizable riders available
- ✅High premium flexibility on universal life policies
- ✅Term policies convertible to permanent until age 71
- ✅Multiple lives and coverages on a single policy
- ✅Digital tools including a secure document portal
- ✅Joint first-to-die and last-to-die options
Why trust HelloSafe?
At HelloSafe, our life insurance experts review the coverage options and pricing structures of life insurance policies available on the market every year to provide you with a reliable and unbiased review. Thanks to this rigorous methodology, several hundred thousand consumers in Canada trust us each month to guide them in their most important financial decisions.
The guarantees of Ivari life insurance
Ivari is a Canadian insurer offering flexible and customizable life insurance solutions tailored to different life stages and financial goals.
Ivari operates as a traditional life insurer, distributing its products exclusively through a network of independent financial advisors.
The company provides competitive pricing, particularly for non-smokers, with a focus on term and universal life policies that can be enhanced with various riders.
- Term Life: Offers coverage for specific periods (10, 20, 30 years), renewable and convertible to permanent insurance, ideal for temporary needs like mortgage protection.
- Universal Life: Provides permanent coverage with a tax-advantaged investment component, flexible premiums, and options for level or increasing death benefits.
Optional riders:
- Accidental Death & Dismemberment
- Waiver of Premium for disability
- Critical Illness
- Children's Insurance Rider
- Payor Waiver of Premium
- Conversion guarantee (built into term policies)
| Features | Term Life | Whole Life | Universal Life | Hybrid |
|---|---|---|---|---|
| 🪙 Death benefit | Guaranteed for the term | ❌ | Flexible (Level or Increasing) | ❌ |
| 📈 Cash value accumulation | Limited option available | ❌ | Yes, with multiple investment accounts | ❌ |
| 💸 Policy loans | ❌ | ❌ | Yes, against cash value | ❌ |
| 🛡️ Available riders | AD&D, WOP, CI, Children's Rider | ❌ | AD&D, WOP, CI, Children's Rider, Term Riders | ❌ |
| 🔄 Conversion guarantee | Yes, convertible to permanent up to age 71 | ❌ | ❌ | ❌ |
| 📈 Participating dividends | ❌ | ❌ | ❌ | ❌ |
| 💲 Cost of key riders (% of base premium) | 3-15% | ❌ | 3-15% | ❌ |
| 🔄 Premium flexibility | Limited | ❌ | High | ❌ |
| ⏳ Surrender charges | Yes, on select plans | ❌ | Yes, typically decreasing over 10 years | ❌ |
| 🎂 Issue age range | 0-70 | ❌ | 0-80 | ❌ |
| 🔒 Guaranteed level (if applicable) | Yes, premiums guaranteed for the term | ❌ | Optional, on cost of insurance rates | ❌ |
The cost of Ivari life insurance
Ivari determines its life insurance premiums through a detailed risk assessment process for each applicant.
The final cost is calculated based on key personal factors such as age, health, and lifestyle, combined with the specifics of the desired policy, including the coverage amount and any selected add-ons.
Ivari also uses premium banding, where the cost per thousand dollars of coverage decreases as the total death benefit increases, making larger policies more cost-effective on a per-unit basis.
- Age: Premiums increase significantly with age, typically rising by 50-70% for each decade of life.
- Health status: Pre-existing or chronic health conditions can add a rating of 25-100% or more to the standard premium.
- Smoker status: Smokers and other nicotine users generally pay 100-150% more than non-smokers for the same coverage.
- Coverage amount: Higher sums increase the total premium, though per-unit costs often decrease at higher coverage bands (e.g., above $500,000).
- Payment term: Paying premiums annually is typically 3-8% cheaper than paying on a monthly basis.
- Rider costs: Optional benefits add to the cost; for example, a Waiver of Premium rider can add 5-10%, while a Critical Illness rider could add 20% or more.
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| Healthy individual, 30 | $500,000 | $32/month | $65/month | ❌ |
| Individual with health condition, 45 | $500,000 | $90/month (rated) | $185/month (rated) | ❌ |
| Healthy professional, 40 | $1,000,000 | $75/month | $170/month | $65/month |
What are the surrender charges for Ivari life insurance?
Ivari's Universal Life policies include surrender charges, which are fees applied if the policy is terminated within a specified initial period. These charges are designed to cover the insurer's upfront costs associated with issuing the policy. For Ivari policies, a waiting period exists during which surrendering the policy results in a significant penalty. This charge is highest in the first policy year and systematically decreases each year thereafter, reaching zero after the fifth year. The surrender charge directly reduces the final cash surrender value paid to the policyholder; it is calculated as a percentage of the policy's accumulated fund value and is deducted before the final payout is made.
| Year | Fee % | Example & Tax treatment |
|---|---|---|
| 1 | 100% of fund gain | $10,000 returned on $10,000 paid if fund gain is minimal. Any policy gain is taxable upon surrender. |
| 2 | 90% | $2,200 returned on $20,000 paid (assuming $22,000 fund value). Any policy gain is taxable upon surrender. |
| 3 | 80% | $6,600 returned on $30,000 paid (assuming $33,000 fund value). Any policy gain is taxable upon surrender. |
| 4 | 60% | $17,600 returned on $40,000 paid (assuming $44,000 fund value). Any policy gain is taxable upon surrender. |
| 5 | 40% | $33,000 returned on $50,000 paid (assuming $55,000 fund value). Any policy gain is taxable upon surrender. |
| 6+ | 0% | The full fund value is returned without a surrender charge. Any policy gain is taxable upon surrender. |
Surrender Charge Examples
A policyholder paying $10,000 annually with a fund value of $10,200 at the end of year one would face a surrender charge of $200 (100% of the $200 gain), resulting in a capital return of $10,000. By contrast, if the same policyholder surrenders at the end of year five with a fund value of $55,000, the charge is $22,000 (40% of the fund value), resulting in a capital return of $33,000.
The Exclusions and Limitations of Ivari Life Insurance
Ivari life insurance policies contain specific limitations under which a death benefit will not be paid:
- Suicide first two years: No benefit is paid if death results from suicide within two years of the policy's issue date.
- Criminal acts: Coverage is void if death occurs during the commission of a criminal or illegal act by the insured.
- Extreme sports: Death resulting from participation in hazardous activities like mountaineering or skydiving is not covered.
- Private aviation: Excludes death in a non-commercial aircraft accident, unless traveling solely as a fare-paying passenger.
- Acts of war: Benefits are not payable for deaths caused directly or indirectly by declared or undeclared war.
- Misrepresentation: A claim may be denied if material information was omitted or misstated on the application.
- Assistance services: The policy does not include repatriation, medical teleconsultation, or other similar assistance services.
What customers think of Ivari's life insurance
| Review site | Rating and number of reviews |
|---|---|
| Google Reviews | 2.5/5 (151 reviews) |
The following points summarize the main feedback from Ivari's clients:
✅ The company provides competitive pricing for its term and universal life insurance products.
✅ A wide range of riders and flexible policy options are available to customers.
❌ A common complaint is that the cancellation and claims processes are slow and difficult.
❌ The customer service is frequently cited for delays and communication issues.
Here are examples of reviews left online:
- "Competitive rates and lots of options for customization. My advisor was helpful and the application was straightforward.", Sarah L., May 2024, PolicyMe.
- "Very bad company, too much run around for cancellation. Customer service was slow and unhelpful.", John M., March 2024, Google Reviews.
How to Contact Ivari?
| Detail | Information |
|---|---|
| Address | 5000 Yonge St, Suite 200, Toronto, ON M2N 7E9 |
| Phone | 1-800-846-5970 |
| info@ivari.ca | |
| Website | https://ivari.ca/products/insurance/ |
| Responsiveness / Hours | Hours of operation are not publicly listed, but claims are typically processed within weeks of receiving complete documentation. |
| Live chat | A live chat feature is not available on the Ivari website. |
| Social media | @ivariCA on X (formerly Twitter), Facebook, and LinkedIn. |
FAQ
How are life insurance payouts from Ivari taxed in Canada?
Generally, the death benefit paid to a named beneficiary from an Ivari life insurance policy is received entirely tax-free in Canada. This allows the full amount of your coverage to support your loved ones without being reduced by taxes. However, if you have a universal life policy and withdraw from its cash value during your lifetime, any growth portion of that withdrawal may be considered taxable income.
Can I cancel my Ivari life insurance policy and get my money back?
You can cancel your policy at any time, but whether you receive money back depends on the policy type. Term life insurance does not build cash value, so no refund is provided upon cancellation. If you have an Ivari universal life policy, it accumulates a cash value that you can access, but be aware that significant surrender charges apply, especially in the first 10 years, which will reduce the amount you receive.
How long does it take for Ivari to pay a death benefit claim?
Ivari typically processes and pays out death benefit claims within a few weeks after receiving all the required documentation. This includes the completed claim form, the original policy document, and a death certificate. Delays can occur if the submitted information is incomplete, if the death occurs within the first two years of the policy (known as the contestability period), or if further investigation is needed.
Who can I name as a beneficiary on my Ivari policy?
You can name any person, such as a spouse or child, a trust, or a charitable organization as the beneficiary of your life insurance policy. It is crucial to name a specific beneficiary to ensure the death benefit is paid directly to them, avoiding potential probate fees and delays. You should also consider naming a contingent (or secondary) beneficiary in case your primary beneficiary passes away before you.
Is a medical exam always required for an Ivari life insurance policy?
A medical exam is not always required, but it depends on your age, the amount of coverage you are applying for, and your answers to the health questionnaire. For lower coverage amounts or younger, healthier applicants, Ivari may approve your application based solely on the health information you provide. For higher coverage amounts or if there are health concerns, a medical exam will likely be necessary.
What is the difference between Ivari's term and universal life insurance?
Ivari's term life insurance provides coverage for a fixed period, such as 10, 20, or 30 years, and is designed purely for protection with no cash value. In contrast, their universal life insurance is a permanent policy that combines a death benefit with a tax-advantaged investment component, allowing you to build cash value over time. Universal life offers more flexibility but comes with higher premiums.
How are life insurance payouts from Ivari taxed in Canada?
Generally, the death benefit paid to a named beneficiary from an Ivari life insurance policy is received entirely tax-free in Canada. This allows the full amount of your coverage to support your loved ones without being reduced by taxes. However, if you have a universal life policy and withdraw from its cash value during your lifetime, any growth portion of that withdrawal may be considered taxable income.
Can I cancel my Ivari life insurance policy and get my money back?
You can cancel your policy at any time, but whether you receive money back depends on the policy type. Term life insurance does not build cash value, so no refund is provided upon cancellation. If you have an Ivari universal life policy, it accumulates a cash value that you can access, but be aware that significant surrender charges apply, especially in the first 10 years, which will reduce the amount you receive.
How long does it take for Ivari to pay a death benefit claim?
Ivari typically processes and pays out death benefit claims within a few weeks after receiving all the required documentation. This includes the completed claim form, the original policy document, and a death certificate. Delays can occur if the submitted information is incomplete, if the death occurs within the first two years of the policy (known as the contestability period), or if further investigation is needed.
Who can I name as a beneficiary on my Ivari policy?
You can name any person, such as a spouse or child, a trust, or a charitable organization as the beneficiary of your life insurance policy. It is crucial to name a specific beneficiary to ensure the death benefit is paid directly to them, avoiding potential probate fees and delays. You should also consider naming a contingent (or secondary) beneficiary in case your primary beneficiary passes away before you.
Is a medical exam always required for an Ivari life insurance policy?
A medical exam is not always required, but it depends on your age, the amount of coverage you are applying for, and your answers to the health questionnaire. For lower coverage amounts or younger, healthier applicants, Ivari may approve your application based solely on the health information you provide. For higher coverage amounts or if there are health concerns, a medical exam will likely be necessary.
What is the difference between Ivari's term and universal life insurance?
Ivari's term life insurance provides coverage for a fixed period, such as 10, 20, or 30 years, and is designed purely for protection with no cash value. In contrast, their universal life insurance is a permanent policy that combines a death benefit with a tax-advantaged investment component, allowing you to build cash value over time. Universal life offers more flexibility but comes with higher premiums.
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