How do I?

Here you’ll find answers to commonly asked questions.

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

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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.

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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

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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.

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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

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Do you accept credit cards for premium payments?

No, we don’t currently. However, there are several other options for you: pre-authorized debit, online banking and cheque through the mail.

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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

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How do I add my child to my policy?

Congratulations!

If you already have a child rider on your policy, you simply need to send us a signed letter with your child’s name and date of birth.

If you need to add a brand new child rider, please contact your advisor. If you don’t remember your advisor’s contact information, call us at 1-800-846-5970 and we’ll be able to help you.

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How do I add my spouse to my policy?

Your advisor would be happy to help you with this.

If you don’t remember your advisor’s contact information, call us at 1-800-846-5970 and we’ll be able to help you.

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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.

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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.

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How do I change my coverage amount?

To increase or decrease your coverage amount, you’ll need to contact your advisor who would review your financial needs and help you understand the coverage amount that you need.

If you don’t remember your advisor’s contact information, call us at 1-800-846-5970 and we’ll be able to help you.

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How do I change my term policy into something more permanent?

This is known as a conversion and it will ensure that you have coverage for life. Your advisor will be able to assist with a conversion.

If you don’t remember your advisor’s contact information, call us at 1-800-846-5970 and we’ll be able to help you.

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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.

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How do I change the advisor on my policy?

You can either call us at 1-800-846-5970 or send us a signed letter by mail, fax or e-mail. Our contact details are:

ivari
500-5000 Yonge Street
Toronto, Ontario M2N 7J8
Fax: 1-800-661-7296
conversation@ivari.ca

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How do I contact ivari?

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

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

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conversation@ivari.ca

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How do I contact my advisor?

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

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How do I find the cash value of my policy?

You can contact your advisor or contact us at 1-800-846-5970.

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How do I follow up on a request I sent?

You can call us at 1-800-846-5970 and we’ll be happy to look into it for you.

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How do I obtain general information about my policy?

You can contact us at 1-800-846-5970.

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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
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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 < 50% 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 50% 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.

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

You have three options when changing your contact information:

  1. You can complete and submit online.NEW
  2. You can call us directly at 1-800-846-5970
  3. 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.

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How do I update my banking information?

To set up or change Pre-authorized Debit (PAD) payments with ivari, you have two options:

  1. Complete and submit online.NEW
  2. Download form and fax or mail to ivari.

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.

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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.

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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.

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Making a life insurance claim

If you’re making a claim on a life insurance policy, it’s most likely because you’ve experienced a personal loss. We understand that this is a challenging time so we want to help make the claims process as quick and as easy as possible.

What you need to know

Step 1: Contact us in any one of the following ways:

• Complete and submit our online life claim form. NEW
• Email us at claimsdepartment@ivari.ca
• Call us at 1-800-846-5970

You’ll need to have this information handy when reporting your claim:

• Policy number
• Insured’s first and last name
• Date of death
• Country of death
• Cause of death

Step 2: One of our Claims Adjudicators will contact you within 24 hours of receiving the claims details. At that time, we’ll explain the claims requirements and send you any forms that need to be completed either by email or mail.

Note: Providing us with your email address will help to expedite this process. The sooner you receive and complete the forms, the sooner we can process your claim.

Step 3: When we receive the requested documents and completed forms, we will evaluate your claim and make a decision.

If you have any immediate questions, please contact us at 1-855-806-5057 or claimsdepartment@ivari.ca

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