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Find more information on your ivari life insurance policies and products

Find information you need when it comes to understanding, purchasing and changing your ivari life insurance policies and products.

How to buy life insurance

It may sound like a simple thing to do but if you have never purchased insurance, or you don’t have a financial advisor, you may not know where to start.

Getting comfortable with insurance

Before you purchase life insurance, you might want to get more comfortable with the different products that are available so you can have a better understanding of what you need to protect your family. Life insurance is typically available to meet temporary and permanent protection needs.

Term insurance

Term insurance is temporary insurance that is purchased for a set amount of time – typically 10, 20 or 30 years. When that time is up, you can give up your insurance protection or take advantage of the options available to convert or renew your policy.

Permanent insurance

Permanent insurance, also called universal life insurance, is protection that is in place for life and pays a death benefit when you pass away. Often this type of insurance includes a savings or investment component, as well as a death benefit.

Deciding how much insurance you need

Life insurance is a very personal thing and people will purchase it for many different reasons. For some people, life insurance is meant to help cover current debt, like a mortgage, and pay for future expenses like post-secondary education for children. For others, it’s about leaving something for loved ones after they’re gone. Whatever your reasons for purchasing life insurance, you can find out how much you need by using the easy and interactive My Insurance View calculator.

And finally…

Now that you know about the different types of life insurance, and you know how much you need, it’s time to talk to a financial advisor. One of the best ways to find an advisor is to ask family and friends for recommendations. Who do they use? Are they happy with the service they are getting? You can contact us at 1-800-846-5970 and we’ll be happy to help locate a financial advisor in your area.

Making a life insurance claim

If you are in the position to make a claim on a life insurance policy, it is most likely because you have suffered a sad and personal loss. The last thing you need is to deal with a wall of paperwork and confusing information. At ivari, we understand that this is a challenging time so we are here to make the claims process as quick and easy as possible.

What you need to know

Not every claim follows the same process. If your claim falls under any of the following situations, you may want to review the information here first to see if there is anything you need to do before contacting our claims department. If your claim does not fall under any of these categories, you can contact our claims department, toll-free, at 1-855-806-5057 or by email at claimsdepartment@ivari.ca. A Claims Adjudicator will look at your specific claim and give you detailed instructions about which forms to complete and what is required to process your claim.

The policy is under 2 years old

Claims for policies under 2 years old are referred to as “contestable claims”. And, while this may sound bad, it really just refers to the fact that the claim will have to go through a routine investigation process to look at the insured’s health and personal history prior to the date of the policy being issued. This is an industry-wide practice that can take a while but the good news is that most of the time everything is just fine and the claim is paid. In fact, in 2015, ivari processed and paid 99.7% of our life insurance claims.

The policy is more than 10 years old and is for less than $50,000

Policies that fit this description, and have had no changes made in the past 10 years, may qualify for express handling when it comes time to make a claim.

The death occurred outside of Canada

Foreign deaths, or deaths that occur outside of Canada, will require the completion of additional documents when making a claim. As well, to help protect you and your loved ones from the high incidence of international insurance fraud, an investigation may be required before the claim can be paid. This is particularly likely in cases where the insured’s remains will not be returned to Canada.

The death was the result of an accident

Deaths that occur as a result of an accident may be subject to an investigation before any claim can be approved. As well, accidental death claims may require a Coroner’s Report and Police Report to help us understand the exact nature of the accident.

The death was medically assisted

Generally speaking, a medically-assisted death would be treated the same as an ordinary death when processing a claim, provided that all applicable Canadian legislation (Federal and Provincial) and medical association and other guidelines were followed in the process.

In such circumstances, a medically assisted death is not considered a suicide and does not fall within the suicide clause wording in a policy.

Any claim submitted would be assessed based on our normal procedures. In all cases we would confirm that the medically assisted death was not related to any illness or other circumstance that had been specifically exempted from coverage at the time the policy was issued.

If such a death occurs during the first 2 years of the policy being issued, when a death claim is considered "contestable", we will conduct our regular investigation process into the client's complete medical and other applicable history.

Making a Critical Illness claim

If you are in the position to make a claim on a critical illness policy, it is most likely because you have suffered a serious medical condition. The last thing you need is to deal with a wall of paperwork and confusing information. At ivari, we understand that this is a challenging time so we are here to make the claims process as quick and easy as possible.

What you need to know

In order to submit a claim, you will first have to complete a Claimant’s Statement (CL1477). As well, your doctor will need to complete the Critical Illness Attending Physician’s Statement (CL1476).

If your policy is less than 2 years old

Claims for policies under 2 years old are referred to as “contestable claims”. And, while this may sound bad, it really just refers to the fact that the claim will have to go through a routine investigation process to look at the insured’s health history prior to the date of the policy being issued. This is an industry-wide practice that can take a while but the good news is that most of the time everything is just fine and the claim is paid.

How do I buy a new ivari insurance policy or find an advisor?

Your advisor can help you purchase a new policy. If you do not have an advisor you can contact ivari Customer Service at 1-800-846-5970.

How do I contact my advisor?

If you need help locating your advisor, please contact ivari Customer Service at 1-800-846-5970.

How do I find a form?

All of our forms can be found on our site under Administration and forms.

How do I contact ivari?

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

Customer Service
Toll free: 1-800-846-5970

Email
conversation@ivari.ca

How do I pay premiums?

There are three ways for you to make your scheduled premium payments to your existing ivari policy. Learn more.

  1. Pre-Authorized Debit (PAD)
  2. Online banking
  3. Mail

How do I update my address, email or telephone number?

You can call us directly at 1-800-846-5970 or you can complete the Contact Information Change form. If you prefer, you can submit a letter of direction which can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

If you need any help or, require additional information, please contact your advisor or ivari Customer Service at 1-800-846-5970.

How do I update my banking information?

If you wish to set up Pre-authorized Debit (PAD) payments with ivari, or change the banking information attached to your current PAD, you can fill out a Pre-Authorized Debit for Insurance Products form.

For a new PAD set up, please send your completed form along with a pre-printed VOID cheque.

Your completed form, and VOID cheque, if applicable, can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

If you need any help or, require additional information, please contact your advisor or ivari Customer Service at 1-800-846-5970.

Am I eligible to skip a payment on my universal life policy?

Please contact your advisor or ivari Customer Service at 1-800-846-5970 to determine if your policy has this option.

How do I change my beneficiary?

When changing your beneficiary, you must complete the Change of Beneficiary form.

All policy owners, including any irrevocable beneficiaries, must sign the Change of Beneficiary form.

Your completed form can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

If you need any help or, require additional information, please contact your advisor or ivari Customer Service at 1-800-846-5970.

How do I transfer the ownership of my policy?

You can transfer the ownership of your ivari insurance policy by completing a Notice of Transfer of Ownership form.

For all universal life policies, please contact your advisor who will assist you through this process. If you need help locating your advisor, please contact ivari Customer Service at 1-800-846-5970.

Your completed signed form can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

If you need any help or require additional information, please contact your advisor or ivari Customer Service at 1-800-846-5970.

Please be advised that a transfer of ownership may have tax consequences depending on the Owner’s relationship as described in the Income Tax Act. If you need help understanding some of the terms used in the tax section of the form, you can find definitions below.

Definitions

What does it mean by arm’s length?

This type of relationship refers to a relationship between a non-related person as defined in the Income Tax Act section 251(1) and (2).

  • For an individual, a non-related person can a person’s uncle, aunt, nephew and niece
  • For a corporation, this means where one person or a group of related individuals has no controlling interest in the corporation. For example a shareholder that directly or indirectly controls < 25% of the corporation or between employee and employer with no controlling interest.

What does it mean by non-arm’s length?

This type of relationship refers to a relationship between related person as defined in the Income Tax Act section 251(1) and (2).

  • For an individual, a related person means an immediate family member connected by blood, marriage/common-law, or adoption. This excludes uncles, aunts, nephews and nieces
  • For a corporation, this means where one person or a group of related individuals has a controlling interest in the corporation. For example a shareholder that directly or indirectly controls 25% or more of the corporation.

For more clarification, please refer to the Income Tax Act sections mentioned above or contact your financial advisor.

What does it mean by “opting out from the Income Tax Act automatic rollover under subsection 148(8.1) or 148(8.2)”?

On a transfer of ownership transfer between current or former spouse/common-law, the Income Tax Act allows for an automatic rollover under the sections above which are considered tax deferred if the parties meet the specific requirements (one of them being that both of them have to be a Canadian resident).

In some cases, say when it involves a court order, one party may be required to pay an amount to the other. This is when the owners would typically opt out from the provision. If this occurs, they need to provide the amount exchanged between the parties.

How do I change or correct my name on my ivari policy?

You can change or correct the name on your policy by completing sections 1& 10 of the Policy Service form and signing on page 4.

For all universal life policies, please contact your advisor who will assist you through this process. If you need help locating your advisor, please contact ivari Customer Service at 1-800-846-5970.

Note: A copy of the name change documentation must be submitted. For Corporations: Please attach articles of amalgamation/amendment showing the correct legal name.

Your completed signed form can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

If you need any help or require additional information, please contact your advisor or ivari Customer Service at 1-800-846-5970.

How do I add more coverage or make a change to my existing life policy?

To add more coverage to your policy, or make a change to your existing life policy, please contact your advisor directly. If you need help locating your advisor, please contact ivari Customer service at 1-800-846-5970

How do I update my smoker status?

To change your status from smoker to non-smoker, please contact your advisor who will assist you through this process. If you need help locating your advisor, please contact ivari Customer Service at 1-800-846-5970.

How do I terminate/cancel my insurance policy if it has no cash value? i.e., a term or critical illness policy

Before cancelling your valuable insurance policy, we encourage you to speak to your advisor.

If you would like to cancel your insurance policy with ivari, and the policy has no cash value, please submit a letter of direction including the policy owner(s) and insured(s) names, plus a policy number. All policy owners must sign and, if applicable, irrevocable beneficiaries must also sign. Your letter of direction, can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

If you need any help or, require additional information, please contact your advisor or ivari Customer Service at 1-800-846-5970.

How do I terminate/ cancel my cash value insurance policy?

Before cancelling your valuable insurance policy, we encourage you to speak to your advisor.

You may surrender your insurance policy by completing sections 1, 5(b) & 7 of the Policy Service form and signing on page 4.

Please be advised that this transaction may cause a taxable consequence. Please contact your advisor or ivari Customer Service at 1-800-846-5970 for more information.

Your completed signed form can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

How do I borrow money (take a loan) from my cash value policy?

A policy loan can be requested by completing sections 1, 6 & 7 of the Policy Service form and signing on page 4.

Please be advised that a loan against your universal life policy may cause the policy to lapse if it is not adequately funded. As well, this transaction may cause a taxable consequence. Please contact your advisor or ivari Customer Service at 1-800-846-5970 for more information.

Your completed signed form can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8

How do I make a cash withdrawal from my cash value policy?

A withdrawal can be requested by completing sections 1 , 5(a) & 7 of the Policy Service form and signing on page 4.

Please be advised that a withdrawal against your universal life policy may cause the policy to lapse if it is not adequately funded. As well, this transaction may cause a taxable consequence.. Please contact your advisor or ivari Customer Service at 1-800-846-5970 for more information..

Your completed signed form can be faxed (1-800-661-7296) or mailed to us at:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8