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Let’s talk about… term insurance

Term insurance from ivari is available on its own for these temporary protection needs, or it can be layered with universal life or critical illness protection to create personalized coverage that spans a longer length of time. Typically available in 10-, 20- or 30-year terms, you pay a set premium for the term period you purchased.

Is term insurance right for you?

While anyone can purchase term insurance, it is a particularly good choice if you are young and in good general health because you can benefit from affordable rates and guarantee your future insurability.

As well, if your insurance needs are temporary, for example to cover the time you have a mortgage, term insurance from ivari can provide you with the coverage you need when you need it.

What if your needs change

Term insurance from ivari gives you the flexibility to make sure you always have the protection you need. At the end of the term period, your policy will automatically renew*(1). If your needs change, you can convert†(2) your term policy to a permanent plan.

Your advisor can help you decide which option is right for you.

How much insurance you need?

This used to be a tricky question that required a lot of charts and graphs and endless questions. But not anymore. Now there’s LifeScripter® from ivari. Your advisor can help you access LifeScripter. By using LifeScripter, you will easily understand what type of insurance is best for you, as well as how much you need and when you need it.

Affordable protection when you need it

Term insurance from ivari offers affordable protection for a specific period of time – usually 10, 20 or 30 years. With term insurance, you pay a set premium only for the term period you require the coverage.

Term 10

It may be the right choice for you if you need insurance protection for a very limited amount of time to cover specific debt such as a short-term mortgage.

A Term 10 policy is also perfect for layering with permanent insurance, like universal life, when you want to increase your current life insurance protection but only for a short period of time.

Term 20

A 20-year term policy from ivari may be a good option if you feel that after 20 years you will no longer need to protect your income because you will be retired, for example, or if you feel that your debts will be paid off by this time.

Term 30 with SelectOptions

If you have longer term debt, like a 25-year mortgage, or if you are looking for income protection that lasts throughout your retirement years, Term 30 with SelectOptions from ivari could be the right choice. Plus, this product automatically renews at year 30 giving you permanent coverage with level premiums payable to age 100 and protection for life.

A Term30 with SelectOptions from ivari lets you take advantage of these unique features available between the 15th and 20th coverage anniversary:

  • Select30 – Allows you to stop paying premiums and reduce the amount of insurance coverage for the remainder of your 30-year term, after which the policy terminates.
  • SelectLIFE – Provides paid-up lifetime final expense coverage with the ability to stop paying premiums, reduce the amount of your insurance coverage and extend their coverage for life.
  • SelectVALUE – Lets you access the cash value of your policy in one of two ways:
    • Surrender or decrease your coverage and access your policy’s cash value
    • Convert to one of our eligible universal life policies and the cash value will be used as a tax-deferred bonus credit‡(3)

Term vs mortgage insurance

Your home may be the single largest investment you will ever have so, naturally, you will want to protect it. Your bank will offer you mortgage insurance but is that your best option?

Your house…your policy

You may be surprised to know that with mortgage insurance you do not actually own the policy, the bank hold the contract with the insurance provider. What that means is that the bank is beneficiary of the policy. Should something happen to you, the death benefit from your mortgage insurance policy would be paid to the mortgage holder…the bank. With a term policy, you own the policy and can decide who you would like to have as a beneficiary.

*(1) For Term 10 and Term 20, renewable to coverage anniversary nearest age 80. back

†(2) At any time up to the policy anniversary closest to your 71st birthday, you can convert your term policy to a permanent form of insurance. back

‡(3) In accordance with the current Income Tax Act regulation. back

§(4) Expert Medical Opinion Services is a non-contractual benefit and is subject to program availability. Services are provided solely by Advance Medical, Inc. ivari shall have no liability or responsibility for such services. Expert Medical Opinion and other trademarks shown are trademarks of Advance Medical, Inc. used under license. back

® LifeScripter is a registered trademark of ivari Canada ULC.