ivari | Life Insurance, Critical Illness Protection and More - PolicyAdvisor



Ivari, previously Transamerica Life Canada, sells life insurance, critical illness insurance, and some investment products. While their term products are fixed (10, 20, 30), they offer more flexibility with the 30-year term policies with optional riders. Permanent products include a universal life policy with options for riders and coverage enhancements. Other services include annuities for estate and retirement planning.

By Mark Cluett
Director of Content
5 min read

Ivari is a Canadian investment and life insurance company that was formerly known as Transamerica Life Canada and has operated in Canada for almost 80 years. In 2015, Ivari was acquired by Wilton Re – 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 policies as well as some retirement-planning products.

Contact Information


500-5000 Yonge Street
Toronto, Ontario M2N 7J8

Phone Numbers

Canada-Wide Toll-Free:  1-800-846-5970


ivari Website

Financial Ratings

Based on 2019 financial reports.

Total premiums and deposits: $830.9 Million
Assets under administration: $11.5 Billion

AM Best Rating: A+ (Excellent)


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Term Life Insurance

Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.

ivari offers many term life insurance options with even more customization in their Term 30 products.

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 year 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 along with added lifetime final expense benefits.
      • SelectVALUE: Policyholder can access the policy cash value by decreasing the coverage or converting to a universal life policy.

For more information and an in-depth look at their coverage, read our Ivari Term Life Insurance Review.

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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

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

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


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

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.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.

The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

By Mark Cluett
Director of Content
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