ivari’s Premium Deferral Program

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 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 [email protected].
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.

There are two repayment options available under this program.

The client must contact ivari to advise us of their repayment selection before the end of the deferral period. If, however, the client’s current method of payment is Pre-Authorized Debit and they wish to select repayment option 1, there is no need to contact us.

Repayment option 1

A lump sum payment to ivari of the total deferred premium amount.

If the client’s current method of payment is Pre-Authorized Debit:
PAD payments will automatically resume at the end of the agreed upon deferral period unless the client contacts us before that time. In addition, by requesting to be included in our Premium Deferral Program, the client has authorized ivari to make a one-time lump sum withdrawal of the total deferred premium amount at the end of the premium deferral period, unless ivari has agreed to another repayment method.  

If the client’s current method of payment is not Pre-Authorized Debit, they may either:
(a) Instruct ivari to make a one-time withdrawal from their bank account; or
(b) Make a payment online through their financial institution

(Note to clients: Online payments can take several days to be processed, so please contact your financial institution to ensure your payment will be made on time and in advance of the payment due date.)

Repayment option 2

Equal, interest-free installments of the total deferred premium amount made over a 12-month period. The installment amount will be added to the client’s regular premium withdrawal amount until the total deferred premium amount is repaid in full.

A condition of this option is that payments must be made through monthly Pre-Authorized Debit (PAD) withdrawals. To set up PAD, the client must complete this form and submit it to ivari along with (i) a VOID cheque (pre-printed with name); and (ii) instructions as follows: “I agree to be placed on repayment option 2, which permits ivari to withdraw equal, interest-free installments of the deferred premium over a 12-month period, in addition to the regular monthly premium withdrawal amount.” We recommend that our secure online tool is used to send us these completed and signed documents.

The total deferred premium amount will be specified in the email notification that we send to the policy owner 10 days before the deferral period end date.

The deferred premium amount must be repaid, and regular premium payments must resume to keep the policy inforce.

If we do not receive repayment through one of the available options by the deferral period end date, the policy will lapse due to non-payment. If the client is interested in continuing their insurance coverage, they may apply for a reinstatement within two years from the date of lapse, subject to contractual conditions including evidence of insurability.

The deferral period end date will be specified in the email notifications that we send to the policy owner.

• If the client’s current method of payment is Pre-Authorized Debit (PAD) and they wish to select repayment option #1, there is no need to contact ivari.
• For all other cases, the client must contact ivari to advise ivari of their chosen repayment option before the end of their deferral period. If no repayment option is chosen, the policy will lapse due to non-payment.

For repayment Option 1 (Lump sum payment of the total deferred premium amount)

• If the client’s current method of payment is PAD:
  • By requesting to be included in ivari’s Premium Deferral Program, the client authorizes ivari to make a one-time lump sum withdrawal of the total deferred premium amount at the end of the premium deferral period, unless the client contacts ivari before that time to specify a different repayment option.
  • Both the total deferral premium amount and the deferral period end date will be specified in the email notifications sent by ivari to the policy owner during the deferral period.
  • If the one-time lump sum withdrawal is not honoured, the policy will lapse due to non-payment. If this happens and the client is interested in continuing their insurance coverage, they may apply for a reinstatement within two years from the date of lapse, subject to contractual conditions including evidence of insurability.
  • Regular PAD withdrawals will automatically resume on the deferral period end date.
• If the client’s current method of payment is not PAD:
  • Before the deferral period end date, the client must instruct ivari to either make a one-time withdrawal from their bank account or make a payment online through their financial institution.
  • Regular premium payments must resume on the deferral period end date in order to keep the policy in force.

For repayment Option 2 (12-month repayment plan)

• To use this option, payments must be made through monthly PAD withdrawals.
• By choosing repayment Option 2, the client authorizes ivari to withdraw equal installments of the total deferred premium amount, together with the regular monthly premium amount, until the total deferred premium amount is repaid in full.
• The monthly withdrawal amount* will be specified in the repayment confirmation email we send to the policy owner.
• Monthly PAD withdrawals will begin at the end of the client’s deferral period and continue until the total deferred premium amount is repaid in full.
• If a scheduled PAD payment is not honoured during the repayment period, the client will have 30 days from the payment due date to ensure ivari receives the overdue payment. During this 30-day period, the life insured is not covered until the overdue payment (including both the regular and deferred premium amounts) is received by This is because the deferred premium is overdue beyond its grace period.
• If the overdue payment is received within 30 days of the payment due date, ivari will reinstate the coverage without evidence of insurability, and monthly PAD payments will resume. If the overdue payment is not received within 30 days of the payment due date, the client’s policy will lapse due to non-payment. If this happens and the client is interested in continuing their insurance coverage, they may apply for a reinstatement within two years from the date of lapse, subject to contractual conditions including evidence of insurability.
• Any claim submitted during the 12-month repayment period will follow our standard adjudication process. If approved, we will deduct any premiums due and not yet paid from the benefit amount before paying out the claim.

*The monthly withdrawal amount does not reflect any future automatic increase or decrease in the client’s regular monthly premium amount due to a coverage(s) renewing or expiring.

The client’s policy will lapse due to non-payment. If the client is interested in continuing their insurance coverage, they may apply for a reinstatement within two years from the date of lapse, subject to contractual conditions including evidence of insurability.

Note to clients: Please ensure your account has sufficient funds for the lump sum deferred premium amount withdrawal on the deferral period end date.

The client will have 30 days from the payment due date to ensure ivari receives the outstanding premium payment. During this 30-day period, the insured is not covered until the overdue payment* is received by ivari. This is because the deferred premium is overdue beyond its grace period. ivari will reinstate coverage upon receipt of the overdue payment without new evidence of insurability only within this 30-day period.

If the payment is successfully received within 30 days of the payment due date, monthly PAD payments (including both the current and deferred premium amounts) will resume, and the insured’s coverage will continue.

If the payment is not received within 30 days of the payment due date, the policy will lapse due to non-payment. If the client is interested in continuing their insurance coverage, they may apply for a reinstatement within two years from the date of lapse, subject to contractual conditions including evidence of insurability.

Note to clients: Please ensure your account has sufficient funds during the 12-month repayment period.

*The overdue payment includes both the current and deferred premium amounts.

Yes, provided all deferred and regular premium payments were received on time. The claim will follow our standard adjudication process. If approved, we will deduct any premiums owed from the benefit amount before paying out the claim.

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.