Let’s talk about… term insurance
Term insurance from ivari is available on its own for temporary protection needs, or it can be layered with universal life or critical illness protection to create personalized coverage that spans a longer length of time. Typically available in 10-, 20- or 30-year terms, you pay a set premium for the term period you purchased.
Is term insurance right for you?
While anyone can purchase term insurance, it is a particularly good choice if you are young and in good general health because you can benefit from affordable rates and guarantee your future insurability.
As well, if your insurance needs are temporary, for example to cover the time you have a mortgage, term insurance from ivari can provide you with the coverage you need when you need it.
What if your needs change
Term insurance from ivari gives you the flexibility to make sure you always have the protection you need. At the end of the term period, your policy will automatically renew*(1). If your needs change, you can convert†(2) your term policy to a permanent plan.
Your advisor can help you decide which option is right for you.
How much insurance do you really need?
Deciding how much insurance you need, and when you need it, can be complicated, especially since your needs may change throughout your life. My Insurance View from ivari is an easy-to-use interactive tool that will provide you with a personalized insurance solution that clearly addresses your needs at every stage of life.
Affordable protection when
you need it
Term insurance from ivari offers affordable protection for a specific period of time – usually 10, 20 or 30 years. With term insurance, you pay a set premium only for the term period you require the coverage.
Term 10
It may be the right choice for you if you need insurance protection for a very limited amount of time to cover specific debt such as a short-term mortgage.
A Term 10 policy is also perfect for layering with permanent insurance, like universal life, when you want to increase your current life insurance protection but only for a short period of time.
Term 20
A 20-year term policy from ivari may be a good option if you feel that after 20 years you will no longer need to protect your income because you will be retired, for example, or if you feel that your debts will be paid off by this time.
Term 30 with SelectOptions
If you have longer term debt, like a 25-year mortgage, or if you are looking for income protection that lasts throughout your retirement years, Term 30 with SelectOptions from ivari could be the right choice. Plus, this product automatically renews at year 30 giving you permanent coverage with level premiums payable to age 100 and protection for life.
A Term30 with SelectOptions from ivari lets you take advantage of these unique features available between the 15th and 20th coverage anniversary:
- Select30 – Allows you to stop paying premiums and reduce the amount of insurance coverage for the remainder of your 30-year term, after which the policy terminates.
- SelectLIFE – Provides paid-up lifetime final expense coverage with the ability to stop paying premiums, reduce the amount of your insurance coverage and extend their coverage for life.
- SelectVALUE – Lets you access the cash value of your policy in one of two ways:
- Surrender or decrease your coverage and access your policy’s cash value
- Convert to one of our eligible universal life policies and the cash value will be used as a tax-deferred bonus credit‡(3)
Term vs mortgage insurance
Your home may be the single largest investment you will ever have so, naturally, you will want to protect it. Your bank will offer you mortgage insurance but is that your best option?
Your house…your policy
You may be surprised to know that with mortgage insurance you do not actually own the policy, the bank hold the contract with the insurance provider. What that means is that the bank is beneficiary of the policy. Should something happen to you, the death benefit from your mortgage insurance policy would be paid to the mortgage holder…the bank. With a term policy, you own the policy and can decide who you would like to have as a beneficiary.
Riders
You can use riders to customize your term policy with these extra coverage options. Not available on all policies. Other conditions may apply. Please talk to your advisor for details.
AD&D (Accidental Death and Dismemberment)
This rider provides an additional benefit in the case of dismemberment or death resulting from an accident. In the case of dismemberment, as a direct result of an accidental injury, an AD&D Rider can help you cope with loss of income and/or extra expenses.
Critical Illness Protection
This rider provides an extra layer of protection that life insurance alone cannot provide.
Available in 4-condition or 25-condition coverage, this rider pays a one-time, lump-sum payment if you become critically ill with one of the covered conditions and you survive the 30-day survival period.
It also provides persons insured under critical illness policies with free access to Virtual Healthcare by Maple(4), which allows you to get quick medical advice and treatment from a qualified medical professional without having to meet in-person.
Payor Waiver of Premiums
This rider, which is attached to a policy on the life of a child, waives the premium 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.
Waiver of Premium
This rider waives the premium if the person insured under this rider is considered totally disabled before age 65.
Children’s Insurance
This rider provides low-cost term life coverage on the lives of your children, along with a guarantee of their insurability if they want to purchase their own coverage when they become adults.
Term Riders
Term riders add an extra layer of temporary insurance protection to your life insurance policy for a 10-, 20- or 30-year term (without SelectOptions).
Term Insurance Claims
When it comes time to make a claim, we’re here to help make the process as quick and easy as possible.
The first thing to do is contact us, by phone at 1-800-846-5970 or email at [email protected], with the required information so we can begin the claims process.
Please refer to the specific type of insurance product you have to ensure that the proper steps are taken and your claim can be processed quickly.
You may also call our toll-free number 1-800-846-5970 or email us at [email protected] if you require any assistance.
*(1) For Term 10 and Term 20, renewable to coverage anniversary nearest age 80. back
†(2) At any time up to the policy anniversary closest to your 71st birthday, you can convert your term policy to a permanent form of insurance. back
‡(3) In accordance with the current Income Tax Act regulation. back
§(4) Virtual Healthcare Services by Maple is a non-contractual benefit and is subject to program availability. back