Are you looking to insure your health or that of your loved ones but find it challenging to choose the right insurance company? Here is a comparison of two big insurance companies in Canada; iA Financial and ivari Insurance.
Founded in 1982, iA Financial is one of the biggest insurance companies in Canada that offers a value-for-money insurance plan. It is trusted by over 4 million clients and 8 thousand employees. The company provides various insurance packages ranging from life insurance to car insurance, health and disability insurance, and more. The health and disability insurance plan offered by iA Financial covers more than the provincial public health plan. iA Financial provides three different types of health and disability insurance plans, each with its sub-plans, features, and benefits:
- Disability and Income Insurance
- Critical Illness Insurance
- Accident Insurance
ivari Insurance is a Canadian insurance company that offers a full range of insurance products to help Canadians get the best for their protection needs. With over 80 years of insurance experience, ivari is committed to supporting programs that help prepare children for lifelong healthy living, as well as organizations that empower young people with skills needed to develop healthy habits. ivari Insurance provides a critical illness insurance policy that covers up to 25 critical conditions or illnesses. The two major plans are:
- 4-Condition Coverage
- 25-Condition Coverage
iA Financial Insurance Products Vs. ivari Insurance Products
Both iA Financial and ivari Insurance have similar insurance policies. iA Financial offers three major plans, including some sub plans — while ivari Insurance offers two major plans. Below is a comparison of both insurance companies.
|iA Financial Health and Disability Insurance||ivari Critical Illness Insurance|
|Disability and Income Insurance|
If, in case of an illness or accident, you can’t work, you will receive a replacement income to meet your financial needs. During your disability leave, you will benefit from a source of income that allows you to focus on your recovery.
This plan has the following sub-plans:
This program offers a personalized and comprehensive package. It covers illness or accident at home, at work, or during sports. It provides you with an income of up to $10,000 per month.
It is an ideal package for active people and manual workers. It offers a comprehensive plan that covers muscle or ligament injury or accident.
Universal Loan Insurance
Universal Loan Insurance covers all your loans in case of disability. It is creditor insurance for workers with outstanding loans.
Acci 7 PLUS
It is a flexible plan consisting of 5 coverages that can be selected according to your needs. It is accessible and affordable, as low as $7 per month.
4-Condition Coverage is a cost-conscious plan that covers the top 4 conditions that generates 85%* of claims.
Coronary artery bypass surgery* The 85% figure is based on claim statistics and incidence rates.
|Critical Illness Insurance|
Critical illness insurance provides financial support so that you can retain your lifestyle while focusing on your recovery.
If diagnosed with a critical illness covered by your insurance, you will be compensated to help you in covering the costs of the illness. You are free to spend the money as you want without having to justify your actions.
The sub-plans are:
Depending on your needs, this insurance provides a variety of coverage packages. It covers diseases like cancer and stroke, as well as other ailments, including paralysis, childhood illnesses, and loss of autonomy.
There are two Transition plans:
It covers the four critical illnesses that account for more than 85% of all claims. It’s a one-of-a-kind, cost-effective insurance option.
It’s a comprehensive product that covers up to 25 of the most common illnesses, as well as issues including paralysis and loss of independence. You can insure children and adolescents under 18 and choose from various optional protections.
Cancer Guard is an insurance plan designed to protect your finances in the event of a cancer diagnosis.
Kiddy Plan (free)
It’s a free 12-month package for kids aged 2 to 5. If your child is diagnosed with a life-threatening illness, you will receive financial support to assist you in caring for the child.
25-Condition Coverage is a comprehensive plan that covers up to 25 conditions. It also covers five childhood conditions insured until 24 years old.
The five childhood conditions are:
Congenital heart disease
Type 1 diabetes mellitus
This insurance policy covers your medical and other incurred costs if you are involved in an accident or sustain an injury.
The sub-plans are:
This plan covers you and your family members in case of injury. It complements your public health plan.
Acci 7 PLUS
It is a flexible and affordable accident insurance plan that runs up to age 80.
Peek-a-Boo Plan (free)This is a free insurance plan that provides injury coverage for babies who are 15 days old, and it runs for 12 months. Your baby will also receive a gift.
How ivari Insurance Works
Critical Illness Insurance from ivari provides money when you are diagnosed with a covered condition as stated in your contract and make it through the 30-day survival period. You can spend the money however you choose, without any restriction. The policy also provides additional benefits such as ‘early detection benefit’ and ‘return of premium on the death benefit.’ With this policy, you will have access to free Virtual Healthcare by Maple, meaning you get to connect with a doctor anytime via text, audio, or video and receive prescriptions, advice, labs, and more.
*The free service (free Virtual Healthcare by Maple) can be shared with eligible dependents.
How iA Financial Insurance Works
iA Financial Health and Disability Insurance have three major plans. The Disability and Income Insurance plan will provide you with money in the form of reimbursement or replacement every month when you cannot work due to an accident or illness. You can receive up to $10,000 per month, and you can also cover your rent and loan repayments.
Critical Illness Insurance will give you tax-free financial support if you are diagnosed with a critical illness covered by your insurance policy. You can use the money anyhow you see fit. This plan provides coverage for the critical illnesses that affect most Canadians.
In an accidental injury, Accident Insurance will provide you with money to cover the cost.
Which is Better?
Both iA Financial and ivari Insurance provide excellent insurance plans. However, iA Financial offers more coverage and plans compared to ivari Insurance. iA Financial has three major and subs plans that best suit your needs. ivari Insurance, on the other hand, has two major plans tailored to your needs. Nevertheless, Let’s examine the advantages and limitations of the plans provided.
Pros of iA Financial and ivari Insurance
- Both companies provide a detailed description of all plans offered and also have the option to talk to an agent.
- Both companies have excellent insurance plans. However, iA Financial has more plans compared to ivari Insurance.
- iA Financial has plans that require no medical test.
- ivari Insurance offers free around the clock virtual healthcare by Maple.
Cons of iA Financial and ivari Insurance
- ivari Insurance does not have many plans compared to iA Financial.
- Some plans require that you meet some medical requirements.
Both iA Financial and ivari Insurance have excellent health insurance coverage; however, iA Financial edges ivari Insurance. iA Financial offers more health and disability plans and sub plans, and more information on policies offered.
Please also refer to our other reviews: Desjardins Insurance review, Manulife review, TD Online Insurance review, Foresters Insurance review, etc. for a closer look into the best insurance companies in Canada.