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 convert2 your term policy to a permanent plan. Your advisor can help you decide which option is right for you.
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.
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.
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.
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 credit3
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.
Virtual Care Services by Maple
Eligible policyholders have access to Maple6—a fully integrated care program that supports their health from every angle. Maple can connect policyholders with Canadian-licensed doctors and nurse practitioners on demand, 24/7/365, and provide access to confidential counselling, cognitive behavioural therapy and wellness coaching through Maple’s Member Assistance Program.
For more information, visit Maple.
Insurance claims
When it comes time to make a claim, we’re here to help make the process as quick and easy as possible. 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.
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.
For more information on these Term insurance solutions, including any limitations, please contact your independent life insurance advisor.
1For Term 10 and Term 20, renewable to coverage anniversary nearest age 80. back
2At 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
3In accordance with the current Income Tax Act regulation. back
4Virtual Services by Maple is a non-contractual benefit and is subject to program availability. back
5The maximum amount coverage for certain insurance contracts, including simplified and guaranteed issue products by ivari, Simply Term, Simply Simplified and Guaranteed Life, and SmartSelect, the total life insurance coverage on an Insured is limited to the lesser of $1,000,000 (for Issue Ages 18–50) or $500,000 (for Issue Ages 51–55), or the maximum amount available for the coverage under the contract. Exceeding these limits may render the contract voidable, with ivari’s liability limited to a refund of premiums paid, without interest. back
6Starting June 1, 2026, Maple Virtual Services will be included with all new policies for primary insureds aged 18 plus, with one access per policyholder. Existing policies with Maple will automatically transition to the new Maple offering. Virtual Services by Maple is a non-contractual benefit and is subject to program availability. back