Choosing a life insurance company isn’t always easy. Knowing about the options and what companies can offer can help people to make smarter choices.

Ivari has been in the life insurance field for more than 80 years. Wilton Re bought it in 2015.

Wilton Re is a reinsurance company that helps to manage life and annuity businesses. The company also creates business strategies to serve the middle market.

This insurance company offers a range of life insurance options, each with many benefits. Those who are thinking about using this company as their insurer might consider the following types of coverage.

Ivari Term Life Insurance

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An Ivari term life insurance policy can be used for short-term coverage, or it can be mixed with other coverages. For the most part, this policy is available in 10, 20 or 30-year plans.

Term 10

This short-term coverage is great for anyone who needs to cover debts, such as leftover mortgage payments.

Anyone who already has a whole life policy might think about adding on a term 10 policy if they need extra coverage for a short time.

Term 20

This mid-range policy from Ivari is great for policyholders who don’t see themselves needing financial help after the 20 years are up.

For example, a person might know they will have paid off their home by then. Another example might be that their responsibilities to kids will be much lower by the end of the term.

Term 30 with SelectOptions

This is the longest term policy that Ivari offers. It is great for people who still have a large amount of financial responsibility, such as a mortgage.

This might also be an option for people looking for protection during their senior years.

Term30 with SelectOptions are available at the 15-year and 20-year mark of an insurance policy. These options include:

  • SelectLIFE: Offers paid-up final expense coverage, as well as the option to stop premium payments, lower coverage, and increase protection to life.
  • Select30: Lets customers halt premium payments and lower coverage for the rest of the policy. The policy stops at 30 years.
  • SelectVALUE: Lets customers use the cash value of their policy by ending or lowering their coverage, or by converting to a life policy.

Pros of Ivari Term Life Insurance

  • Term30 renews with level premiums payable to the age of 100
  • Ability to mix term life with other permanent life policies
  • Customers own their policies and choose their beneficiaries
  • Lots of flexibility from Term30 with SelectOptions

Ivari Universal Life Insurance

Universal life insurance from Ivari is flexible, with life-long coverage and extra benefits. Other features people can access include riders, investments, death benefit options, and more.

Pros of Ivari Universal Life Insurance

  • Savings that grow within the policy allow for tax-deferred investments. Policyholders use this money for things like retirement, disability costs, etc.
  • Beneficiaries get a tax-free lump sum when the insured dies.
  • Helps maintain retirement savings in case of critical illness, disability or long-term care expenses
  • Can be ideal for those who want to build an asset for children
  • The Compassionate Assistance Program (CAP) allows policyholders to take out against their death benefit. However, this is okay only if an illness or terminal injury leaves the policyholder with less than 24 months.

Additional Riders for Ivari Universal Life Insurance include:

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  • Critical Illness Protection
  • Children’s Insurance
  • AD&D
  • Payor Waiver of Monthly Deductions
  • Level Cost of Insurance
  • Term Riders
  • …and more.

Ivaris Critical Illness Insurance

Critical illness insurance from Ivaris offers a tax-free, lump sum to those diagnosed with a condition included in their contract.

Ways to Purchase Ivaris Critical Illness Insurance

There are two ways:

  1. As a Rider

This policy can be added to another life insurance policy, which provides coverage that wouldn’t be given with life insurance alone.

Policyholders can save up to 15% with Ivari when they purchase more than one policy.

  1. On its Own

The same features are applied to this policy, without the addition of more protection.

Policyholders can add a waiver to this policy, in case they are diagnosed with an illness not included in their contract. Other waivers include Waiver of Premium and the Payor Waiver of Premium.

Ivaris Critical Life Insurance Benefits

  1. Critical Illness Protection Benefit

The basic coverage provided if the policyholder is diagnosed with a covered condition and survives the first 30 days.

  1. Return of Premium on Death Benefit

A one-time, lump sum given due to the insured person’s death. Paid CI doesn’t allow for an extra death benefit.

  1. Early Detection Benefit

A lump-sum is given if the insured is diagnosed with an Early Detection Covered Condition and they survive the first 30 days.

Pros of Ivari Critical Illness Insurance

  • A policyholder uses the lump sum as they see fit
  • Protects policyholders so long as they live through the first 30 days after diagnosis
  • Comes with lots of benefits
  • There are no fees for bundling policies

 Conclusion

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Of the $12 billion Canadians spent on life insurance in 2017, $6.9 billion was paid as death benefits. Sitting a little lower, Canadians spent $5.1 billion on living policies including disability benefits.

An insurance agent’s advice can help to figure out what kind of protection you need. Those thinking about Ivari are encouraged to reach out to them, to talk about which policies might be best.

Resources

http://ivari.ca/
http://clhia.uberflip.com/i/878840-canadian-life-and-health-insurance-facts-2017/9