ivari further strengthens its strategic focus on Life business
At ivari, we are making changes to our investment product offering to further strengthen our strategic focus on the life and protection business and better position the company, our advisors and distributors.
This means that under our investment product line of business, effective November 29, 2019, we will no longer offer our ivari Guaranteed Investment Fund (GIF), Guaranteed Interest Account (GIA) and Daily Interest Account (DIA), products to new policies and new sales.
If your client owns any one of these products, we will continue to honour their policy, and the terms of their contract will remain unchanged. We will continue to provide customer service on these products.
ivari ’s Single Premium Immediate Annuity (SPIA) remains available for new sales.
Applications must be signed on or before November 29, 2019 and received at Head Office by 3:00 p.m. ET.
Investment product offering Q & A
Changes to ivari’s Segregated Fund, Guaranteed Interest Account (GIA) and Daily Interest Account (DIA) products
For new policies
What is happening to:
ivari GIF (Segregated Fund)
Interest Accumulation (GIA and DIA)
Interest Payout -Harvest (GIA)
Effective after the close of business on November 29, 2019, ivari will no longer issue ivari GIF, Interest Accumulation (GIA and DIA), and Harvest (GIA).
All new applications with original documents must be
completed in good order and received at our Head Office (500-5000 Yonge Street, Toronto) by 3:00 p.m. (ET) on, November 29, 2019
The funds for a pending T2033 form (or equivalent registered transfer form) for an ivari GIF, Interest Accumulation (GIA and DIA), or Harvest (GIA) contract must be received at our Head Office (500-5000 Yonge Street, Toronto) by December 31, 2019
The enrolment kit for ivari GIF (IP1289) and ivari GIF-TFSA (IP1326) as well as the Application for GIA & DIA (IP1303) will not be available as of close of business on November 29, 2019.
Q: Will policyholders in these contracts be notified?
A: No, as this change only impacts new contracts being issued.
Q: What is happening to SPIAs?
A: No change is being made to our SPIA product at this time.
Q: What is happening with ivari’s segregated fund line up?
A: No changes are being made to the fund’s offering at this time.
Q: Will there be changes in the administration of segregated fund, GIA, DIA policies?
A: No, we will continue to administer the segregated funds, GIA and DIA policies.
Client statements, transaction confirmations, tax receipts and other administrative documents will not be changed. Fund Fact pages and fund performance returns will continue to be available on our website
Note: Ownership changes, Transfer In Kind (TIK), and RRSP to RRIF transfers transactions can still be processed by completing the Transfer of Ownership form (IP1270), Dealer/Nominee Transfer form (IP1186) and the Plan Type Registration Change form (IP421). With these transactions a new policy number will be assigned.
Q: Will the imaxxGIF transfer program for existing qualified registered products continue?
A: Yes. The imaxxGIF transfer program is only available for existing registered and locked‐in (i.e. RSP, LIRA, RIF, LIF, PRIF and RLIF) GROWSafe 94, IMS I, II, & III segregated fund contracts. The transfers are processed as a Transfer in Kind (TIK) into a new registered imaxxGIF contract.
At this time there are no plans to change the terms of this transfer program. However, we are continuously reviewing our product offering and programs and may make changes from time‐to‐time.
For further details on the imaxxGIF transfer program, please refer to the
‘Transfer from a Registered Qualified Policy to an imaxxGIF Contract Enrollment Kit” (IP903T 12/18).
Q: Why is ivari making these changes to their investment products?
A: We are making changes to our investment product offering to further strengthen our strategic focus on the life and protection business and position us well for sustainable growth.
The current economic and competitive environments, in addition to the relatively small size of our investment product business, were the major factors in this decision.
Q: Who should I contact if I have additional questions?