Universal life insurance from ivari provides affordable protection that can be customized with a wide range of features and options including:
Death benefit options
Is universal life insurance right for you?
If you are looking for insurance protection with an investment and savings component then the answer is, yes.
While you are alive
The savings component of a universal life policy allows for tax-deferred investment growth that can be used in many ways while you are still alive, such as adding to your retirement income or helping to cover the costs associated with a disability.*(1)
After you’re gone
Upon your death, your beneficiary will receive a tax-free death benefit. This money can be used to help secure the future of your loved ones or to help pay any taxes or final expenses.
What can you do with your universal life insurance plan?
With a built-in savings component, a UL policy gives you tax efficiencies while also letting you:
Build assets for your children
Help protect your mortgage
Add to your retirement income
Help protect your retirement savings in case of an occupational disability or one caused by 26 critical illnesses, including the need for long-term care†(2)
How much insurance do you really need?
Your insurance needs will change throughout your life. How much do you need now? How about tomorrow?
Find out how much insurance you need, and when you’ll need it, with
My Insurance View from ivari.
If you are disabled, you can access the fund value of your universal life policy through your Living Benefits. The funds will be given to you tax-free‡(3) and surrender charge-free.§(4). This benefit covers disabilities caused by a disease or an injury, and those caused by a list of 26 critical conditions, including the need for long-term care.
In the early years of your policy, before you’ve had the chance to build the fund value, the amount accumulated may not be enough to cover your disability needs, and you may want to consider adding disability or critical illness coverage to your protection plan.
Accessing your fund value as Living Benefits will reduce the death benefit(s) and the total fund value of your policy.
Compassionate Assistance Program (CAP)
Offered at no extra cost, the CAP from ivari lets you take out a loan against your death benefit if you are diagnosed with a terminal illness, or terminal injury, and your life expectancy is less than 24 months.||(5)
The riders shown below will let you customize your UL policy with extra coverage options. Some riders are available on select plans only. Your advisor can help you decide which riders are right for you.
Critical Illness Protection
This rider is available in 4-condition or 25-condition coverage. It pays a one-time, lump-sum payment if you become critically ill with one of the Critical Illness Covered Conditions and survive the 30-day survival period.
It also includes unlimited access to Advance Medical for expert opinions at no extra cost.#(6)
Level Cost of Insurance
This rider provides:
that the cost of coverage is fixed and payable until age 100
one policy fee
combined premium payments
enhanced tax deferral opportunities
Available only on level death benefit policies with an Annual Renewable Term (ART) Cost of Insurance (COI) base.
Payor Waiver of Monthly Deductions
This rider, which is attached to a policy on the life of a child, waives the monthly deductions, which are the insurance charges and the administration charges, for the policy if the person responsible for paying the premiums dies or is considered totally disabled before age 65. Premiums will continue to be waived until the child is age 25.
This rider provides:
low-cost term life coverage on the lives of your children
a guarantee of their insurability if they want to convert their own coverage to an eligible insurance plan when they become adults
Term riders add an extra layer of temporary insurance protection to your life insurance policy for a 10-, 20- or 30-year term. (Term 30 riders do not include the SelectOptions available on our standalone Term 30 product.)
Waiver of Planned Premiums
This rider waives planned premiums (up to a defined maximum) if the person insured under this rider is considered totally disabled before age 65.
Payor Waiver of Planned Premiums
This rider, which is attached to a policy on the life of a child, waives the payment of planned premiums (up to a defined maximum) if the person responsible for paying the premiums dies or is considered totally disabled before age 65. Premiums will continue to be waived until the child is age 25.
AD&D (Accidental Death and Dismemberment)
This rider provides an additional benefit in the case of dismemberment or death resulting from an accident.
Waiver of Monthly Deduction
This rider waives the payment of planned premiums (up to a defined maximum) if the person insured under this rider is considered totally disabled before age 65.
*(1) For information on what qualifies as a disability and for the determination of the benefit amount available to you, please refer to the contract provisions. Disabilities caused by pre-existing conditions do not qualify. back
†(2) Restrictions and impacts may apply depending on the type of transaction. Refer to the provisions in the contract for more details. back
‡(3) Under the Income Tax Act (Canada) and at the date of publication of this website, the receipt of Living Benefits is not currently taxable. ivari does not guarantee nor is it responsible for the tax treatment applicable to this policy feature. Please consult your legal or tax advisor for an opinion on this matter in relation to your particular circumstances. back
§(4) For information on what qualifies as a disability and for the determination of the benefit amount available to you, please refer to the contract provisions. Disabilities caused by back
||(5) Twelve months or less if you are between the ages of 72 and 77 with a term policy. back
#(6) 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