Universal life insurance (UL)
Let’s talk about… universal life insurance
Universal life insurance from ivari provides affordable protection that can be customized with a wide range of features and options including:
- Investment options
- Riders
- Death Benefit options
- Flexible coverage
Is universal life insurance right for you?
If you are looking for insurance protection with an investment and savings component then the answer is, yes.
While you are alive
The savings component of a universal life policy allows for tax-deferred investment growth that can be used in many ways while you are still alive, such as adding to your retirement income or helping to cover the costs associated with a disability.1
After you’re gone
Upon your death, your beneficiary will receive a tax-free death benefit. This money can be used to help secure the future of your loved ones or to help pay any taxes or final expenses.
What can you do with your universal life insurance plan?
With a built-in savings component, a UL policy gives you tax efficiencies while also letting you:
- Build assets for your children
- Help protect your mortgage
- Add to your retirement income
- Help protect your retirement savings in case of an occupational disability or one caused by 26 critical illnesses, including the need for long-term care2
How much insurance do you really need?
Your insurance needs will change throughout your life. How much do you need now? How about tomorrow?
Find out how much insurance you need, and when you’ll need it, with My Insurance View from ivari.
Additional no-cost benefits from ivari
Living Benefits
If you are disabled, you can access the fund value of your universal life policy through your Living Benefits. The funds will be given to you tax-free3 and surrender charge-free.4. This benefit covers disabilities caused by a disease or an injury, and those caused by a list of 26 critical conditions, including the need for long-term care.
In the early years of your policy, before you’ve had the chance to build the fund value, the amount accumulated may not be enough to cover your disability needs, and you may want to consider adding disability or critical illness coverage to your protection plan.
Accessing your fund value as Living Benefits will reduce the death benefit(s) and the total fund value of your policy.
Compassionate Assistance Program (CAP)
Offered at no extra cost, the CAP from ivari lets you take out a loan against your death benefit if you are diagnosed with a terminal illness, or terminal injury, and your life expectancy is less than 24 months.5
Riders
The riders shown below will let you customize your UL policy with extra coverage options. Some riders are available on select plans only. Your advisor can help you decide which riders are right for you.
Critical illness protection
Level cost of insurance
This rider provides:
- that the cost of coverage is fixed and payable until age 100
- one policy fee
- combined premium payments
- enhanced tax deferral opportunities
Available only on level death benefit policies with an Annual Renewable Term (ART) Cost of Insurance (COI) base.
Payor waiver of monthly deductions
This rider, which is attached to a policy on the life of a child, waives the monthly deductions, which are the insurance charges and the administration charges, for the policy 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.
Children’s insurance
This rider provides:
- low-cost term life coverage on the lives of your children
- a guarantee of their insurability if they want to convert their own coverage to an eligible insurance plan 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. (Term 30 riders do not include the SelectOptions available on our standalone Term 30 product.)
Waiver of planned premiums
This rider waives planned premiums (up to a defined maximum) if the person insured under this rider is considered totally disabled before age 65.
Payor waiver of planned premiums
This rider, which is attached to a policy on the life of a child, waives the payment of planned premiums (up to a defined maximum) 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.
AD&D (Accidental Death and Dismemberment)
This rider provides an additional benefit in the case of dismemberment or death resulting from an accident.
Waiver of monthly deduction
This rider waives the payment of planned premiums (up to a defined maximum) if the person insured under this rider is considered totally disabled before age 65.
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.
1 For information on what qualifies as a disability and for the determination of the benefit amount available to you, please refer to the contract provisions. Disabilities caused by pre-existing conditions do not qualify. back
2 Restrictions and impacts may apply depending on the type of transaction. Refer to the provisions in the contract for more details. back
3 Under the Income Tax Act (Canada) and at the date of publication of this website, the receipt of Living Benefits is not currently taxable. ivari does not guarantee nor is it responsible for the tax treatment applicable to this policy feature. Please consult your legal or tax advisor for an opinion on this matter in relation to your particular circumstances. back
4 For information on what qualifies as a disability and for the determination of the benefit amount available to you, please refer to the contract provisions. Disabilities caused by pre-existing conditions do not qualify. back
5 Twelve months or less if you are between the ages of 72 and 77 with a term policy. back
6 Virtual Healthcare by Maple is a non-contractual benefit and is subject to program availability. back