ivari Life Insurance Review – Updated 2024


ivari provides term life insurance products on 10, 20, or 30-year terms with coverage up to $10,000,000 and the option to layer with different terms or universal policies. While the cost tends to be higher than their competitors, some products offer guaranteed level premiums or decreasing premiums with reducing coverage as your debts start to clear.


We recommend Ivari if you want to layer multiple life insurance policies that will expire at different times. This is a unique strategy that can give you coverage while helping you to save money.

Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.

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PolicyAdvisor Rating

Best for Layering

AM Best Rating A+


Our ivari life insurance rating and review

ivari is an 80-year old insurance company with multiple individual coverage products. It was once the Canadian branch of Transamerica Life. Term life insurance from ivari is available on its own for temporary protection needs, or it can be layered with different terms or with universal life or critical illness protection to create personalized coverage that spans a longer length of time. It is available in 10-, 20- or 30-year terms.

Pros and cons

ivari life insurance pros

  • ivari offers a number of optional riders, including a children’s insurance rider
  • Multiple term options are available
  • 30-year term offers unique flexibilities, upon maturity
  • Online access to account
  • Digital e-policy

ivari life insurance cons

  • Ivari products tend to have higher premiums, compared to other insurers in the market
  • You do not have the flexibility to choose your own term

Who is ivari?

Known as Transamerica Life Canada until 2015, the company rebranded to ivari when it was acquired by new ownership (the Canada Pension Plan Investment Board, through Wilton Re). Wilton Re is a Bermuda based reinsurance company that focuses on worksite, senior market, and simplified term products. ivari products are distributed through thousands of independent advisors across Canada. The company offers life insurance and critical illness products.

ivari: Quick Facts

  • Founded: 1927
  • Headquarters: Toronto, Ontario
  • AM Best Rating: A+
  • Better Business Bureau Accreditation and Rating
  • Assets: $11.5-billion
  • Annual Premiums: $830.9-million

How much does life insurance from ivari cost?

Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

Age Male Female
20 $35.55 $23.85
25 $36.00 $24.75
30 $36.90 $26.10
35 $39.60 $30.60
40 $56.70 $42.30
45 $89.55 $63.90
50 $149.85 $100.80
55 $288.80 $189.45
60 $486.90 $322.65

Check out PolicyAdvisor's life insurance calculator.

What types of term life insurance policies does ivari offer?

ivari offers 3 different options for term life insurance.

Term 10

  • 10-year term life insurance for those looking to cover temporary needs or augment their current coverage
  • Perfect for layering or laddering (combining with other types of insurance like whole life, etc)
  • Available from 0 to 70 years of age
  • Renewable every 10 years to age 80

Term 20

  • 20-year term life insurance for those looking to cover income replacement and debts like loans or mortgages, especially in their children’s younger years
  • Available from 0 to 60 years of age
  • Renewable every 20 years to age 80

Term 30 with SelectOptions

  • 30-year term insurance for those with longer-term debts or looking to protect their income through to retirement 
  • Available from 0 to 50 years of age
  • Renewable at year 30 with level premiums to age 100
  • Three options, that can be exercised between the 15th and 20th year of the policy:
      • Select30: Policyholder can decrease payments and reduce the coverage amount for the remainder of the policy.
      • SelectLIFE: Policyholder can choose Select30 features alongwith added lifetime final expense benefits.
      • SelectVALUE: Policyholder can access the policy cash value by decreasing the coverage or converting to a universal life policy.

Coverage and policy details

  • Available Term Lengths: 10, 20, and 30-year terms
  • Available Term Types: Guaranteed level premiums, plus other flexible options for Term 30 with SelectOption
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes, all plans renewable with no medical exam required
  • Convertibility: Yes, all terms are convertible to eligible universal and permanent plans until age nearest 71.
Optional life insurance riders available from ivari

Ivari term life insurance offers these optional riders:

  • Critical Illness Protection: This rider pays a one-time lump sum payment if the person insured becomes critically ill with one of the critical illnesses covered (you can choose either 4- or 25-condition coverage)
  • Children’s insurance rider: This rider provides low-cost coverage for children of the person insured. They can choose to convert it to permanent coverage when they become adults.
  • Accidental Death and Dismemberment: This rider provides an additional benefit in case of death or dismemberment resulting from an accident.
  • Waiver of Premium: This rider waives all premiums if the person insured becomes totally disabled before the age of 65.
  • Payor Waiver of Premium: If the person insured is a child, this rider waives all premiums if the person paying premiums becomes totally disabled before the age of 65.
  • Term riders: These add an extra layer of temporary insurance to your base policy.
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What other insurance policies does ivari offer?

ivari offers a limited range of insurance and investment products to customers, apart from term life, such as:

ivari Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

Ivari’s universal life insurance policies have a great reputation in the Canadian market for their flexibility and enhancements.

You can customize the plan according to your requirements; many Canadians use the policy to transfer family and corporate wealth.

Coverage Options:

  • Joint First to die and Last to die, Single life
  • Minimum Coverage
    • Joint plan: $100,000
    • Single life: $25,000
  • MaximumCoverage: $10 Million
  •  AvailableRiders
    • Critical illness (basic and enhanced)
    • Children’s Insurance Rider and Payor Waiver of Monthly Deductions
    • Accidental death and dismemberment
    • Term insurance riders for 10, 20, and 30 years
ivari life insurance review

ivari Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

Ivari offers one critical illness insurance policy named Critical Illness Protection:

Critical Illness Protection

  • This plan offers basic (4 conditions) and enhanced (25 conditions) coverage
  • Available terms: 10 years, 20 years, and 65 years
  • Requires traditional medical underwriting
  • It is renewable
  • Available from ages 15 days up to 65 years
  • Convertible before age 60
  • Benefits range from $250,000 to $2,000,000
  • Level premium throughout the plan
  • Available as a multiple life or single life plan
  • Return of the premium available
  • Also includes a 2nd Medical Opinion Service and early detection benefit

For more information and an in-depth look at their critical illness coverage, read our Ivari Critical Illness Insurance Review.

Other Financial Services from ivari

Besides insurance, ivari provides Canadians with several other financial products.

ivari Annuities

Annuities offer a source of income for retirement or estate planning. Ivari offers 3 types of annuities:

  • Single life annuity with or without a guarantee period
  • Joint and survivor life annuity with or without a guarantee period
  • Term certain annuity

ivari Inforce Products

Ivari services Guaranteed Interest Account (GIA) and Daily Interest Account (DIA) products which were part of its investment fund products. As of March 2020 you can no longer participate in these funds, but ivari does provide support for those already investing.

How can I get ivari life insurance quotes?

ivari offers unique life insurance coverage products that are a great fit for many Canadians consumers. As insurance advisors for ivari’s life insurance products, we can help you decide if ivari products are the best fit for you and find ivari life insurance quotes.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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