ivari’s Premium Deferral Program

Supporting clients through difficult times

COVID-19 continues to present challenges for everyone. We know that some of our policyholders have been directly affected by this pandemic and are currently facing financial hardship. To help, we have designed a Premium Deferral Program for all eligible policy owners.

Program overview

This program applies to all products where the policy was inforce on or before March 15th, 2020. This premium deferral option will be available until July 1st, 2020.

Currently, all policies allow clients a 31-day grace period for premium payments. Under this program, we are extending the grace period to allow policy owners to request a premium deferral of up to 91 days if they are experiencing financial hardship as a direct result of COVID-19 and related to:

  • Illness
  • Reduced income or job loss (permanently or temporarily laid-off)
  • Unpaid leave to care for a family member
  • Business interruptions

prosperity Simplified Issue & Guaranteed Issue

For these two products only, we are extending the 31-day grace period to allow policy owners to request a premium deferral of up to 61 days.

Important! We will work with universal life policy owners to ensure their existing Premium Holiday option is used before the premium deferral option if they are experiencing financial hardship as a direct result of COVID-19.

How it works

All request will be considered on a case-by-case basis. To make an email request (preferred) policy owners must contact Client Services at conversation@ivari.ca.

Email requests must include the following subject line and policy owner information:

Subject line: Premium Deferral Program request

  • Policy number(s)
  • Name(s)
  • Phone number(s)
  • How COVID-19 has negatively impacted their financial situation (i.e. COVID-19 related illness, reduced income/job loss, unpaid leave or business interruptions)

Policy owners can also contact us by phone to provide the above information.

Important! All Premium Deferral Program notifications will be sent to clients via email. 

Be sure to check out the FAQ below for more program details.


Frequently Asked Questions

It’s an initiative designed to assist clients who have been directly affected by COVID-19. The program extends the 31-day grace period for payments, allowing policy owners to request a premium deferral of up to 91 days* if they are experiencing financial hardship as a direct result of COVID-19.

*For prosperity Simplified Issue and Guaranteed Issue policies only, the 31-day grace period is extended to allow policy owners to request a premium deferral of up to 61 days.

This Premium Deferral Program is currently available until July 1, 2020, meaning we will not accept requests for the program will be accepted only until this date.

The program applies to all products where the policy was inforce on or before March 15, 2020.

Only the policy owner may make the request for a premium deferral under this program.
Advisors/ Distributors cannot make this request on behalf of their clients.

To qualify, the policy owner must let ivari know that they are experiencing financial hardship as a direct result of COVID-19, related to:

  • Illness
  • Reduced income or job loss (permanently or temporarily laid-off)
  • Unpaid leave to care for a family member
  • Business interruption

Policy owners can make this request by email (preferred) or by phone. To make a request by email, the policy owner must contact ivari’s Client Services team via conversation@ivari.ca.
Email requests must include the following subject line and policy owner information:

Subject line: Premium Deferral Program request

  • Policy number(s)
  • Name(s)
  • Phone number(s)
  • How COVID-19 has negatively impacted their financial situation (i.e. COVID-19 related illness, reduced income/job loss, unpaid leave or business interruptions)

Policy owners can also contact us by phone to provide the above information.

All Premium Deferral Program notifications will be sent to clients via email.

Once the request is approved, the deferral period will start on the date the premium would have been due, had it been paid on time. For example, if the premium was due on April 1, 2020 but it was not paid, the deferral period will begin on April 1, 2020.

Yes. The client’s valuable life insurance policy will remain inforce and the life insured’s coverage will continue during this time.

We are currently working on options to assists clients with the repayment of deferred premiums. We’ll be communicating these options in the coming weeks.

We will utilize the existing premium flexibility option within the universal life policy before activating the Premium Deferral Program.

If there is enough Premium Holiday* room when we receive the request, we will utilize that option first. If there is not enough Premium Holiday* room when we receive the request, we can activate the Premium Deferral Program.

*Premium Holiday means that premium payments are not being made, however monthly deductions will continue to be withdrawn from the total fund value of the policy.

No. Interest will not be charged during the deferral period.

No. Loan interest payments cannot be deferred under this program. This program applies to premium payments only.

Yes. A claim can be submitted while premiums are still being deferred. The claim will follow our standard adjudication process. If approved, we will deduct any premiums owed but not yet paid from the benefit amount before paying out the claim.