Are you aware that having a life insurance plan protects your loved ones in times of unexpected events such as disability, injury, critical illness, or death? Exactly! With a life insurance plan, you can provide financial security for yourself and your loved ones. To help you get the best for your protection needs, let’s compare two big insurance companies in Canada; ivari Insurance and Canada Protection Plan.
ivari Insurance offers a full range of insurance products to many Canadians. The insurance company started over 80 years ago and was later acquired by Wilton Re in 2015. With thousands of independent advisors, ivari provides a life insurance policy that offers valuable lifetime protection, along with investment and savings features. The life insurance policy sold by ivari can be customized with additional options to provide more coverage. The only major plan is:
- Universal Life Insurance (UL)
Canada Protection Plan (CPP)
Canada Protection Plan is a Canadian-owned insurance company that offers life insurance and other related products with simplified processes that require no medical exam. The insurance company was founded in 1992 and later became an asset of Foresters Financial. With over 25,000 advisors across Canada, CPP sells insurance plans to many Canadians. The life insurance plan sold by CPP offers full-spectrum coverage regardless of health conditions. The two major plans are:
- Permanent Life Insurance
- Term Life Insurance
ivari Insurance Products vs. Canada Protection Plan Insurance Products
Both Ivari Insurance and Canada Protection Plan have great insurance policies. ivari Insurance offers one major plan, including some no-cost benefits and rider plans – while CPP offers two major plans and some sub plans. Below is a comparison of both insurance companies.
|ivari Universal Life Insurance||Canada Protection Plan No Medical & Simplified Issue Life Insurance|
|Universal Life Insurance|
This insurance policy is tax-efficient and lets you build assets for your kids, protect your mortgage, increase your retirement income, and protect your retirement savings in case of disability.
This plan comes with some additional no-cost benefits:
If you become disabled due to a disease or injury covered by your policy, you can access your universal life insurance fund value through your living benefits. The fund will be paid to you tax-free.
Compassionate Assistance Program
If diagnosed with a terminal illness or injury and your life expectancy is below 24 months, you will be allowed to take a loan against your death benefit.
|Permanent Life Insurance|
This plan provides lifetime protection that covers your permanent needs, such as final expenses. It offers the best coverage at the lowest price.
The sub-plans are:
Guaranteed Acceptance Life
This sub-plan covers your medical bills or outstanding debts. It also covers other expenses such as funeral costs and final expenses. It is a general plan and can be purchased regardless of your health condition.
It is a simple permanent plan for individuals with severe health conditions like cancer, heart condition, or diabetes.
Deferred Elite Life
Deferred Elite Life is suited for individuals with less severe health conditions, including cancer, heart condition, or diabetes.
Simplified Elite Life
This sub-plan offers up to $500,000 to individuals in relatively good health or engaged in extreme sports. If you want to get lifetime coverage without any delay, this is the ideal plan for you. No Medical exam or doctor’s report is required, and full protection starts immediately your policy is issued.
It provides you with lifetime protection coverage of up to $1,000,000. It is an ideal plan for individuals in good health who need a simple and fast application process. Coverage starts immediately when you are approved.
Preferred Elite Life
Preferred Elite Life offers coverage of up to $1,000,000 to individuals in very good health who want coverage quickly at a very good rate. Coverage starts once you are approved.
|Term Life Insurance|
This plan offers life insurance protection for a maximum period of 30 years. It is an ideal plan for when you need coverage for a certain period, such as your child’s education or mortgage.
This plan has the following sub-plans:
Deferred Elite Term Life Insurance
This plan is best for many hard-to-insure Canadians. It provides coverage of up to $350,000 for people with minor health conditions or who have been previously refused insurance.
Simplified Elite Term Life Insurance
If you are relatively healthy or engaged in extreme sports, this plan is for you. It provides full protection with coverage of up to $500,000.
Preferred Term Life Insurance
It is a quick, reliable coverage for applicants in good health condition. It provides coverage of up to $1,000,000.
Express Elite Term Insurance
This plan is ideal for Canadians of ages 18 – 60 who are in good health. It is a reliable plan that offers coverage of up to $750,000, and no medical is required.
Preferred Elite Term Life Insurance
If you are in good health and need term insurance coverage quickly, this plan is for you. You receive coverage of up to $1,000,000.
How ivari Insurance Works
Universal Life Insurance from ivari will provide you with money while you are alive. You can use the money in many ways, such as to increase your retirement income or cover disability cost. In case of death, your beneficiary will be paid a tax-free death benefit. The benefit can be used to cover final expenses, pay any taxes, or secure the future of your loved ones. If diagnosed with a life-threatening illness or injury with a life expectancy of fewer than 24 months, you can take a loan against your death benefit. In the event of work disability or long-term care, your retirement savings will be protected.
How Canada Protection Plan Works
The Permanent Life Insurance plan will protect you throughout your lifetime. Whether you are healthy, injured, or seriously ill, you will receive money to cover your medical bills. Other expenses such as final expenses, funeral costs, and outstanding debts will also be covered. In case of cancer, diabetes, or heart condition, your expenses will be covered. In case of death, a death benefit will be paid.
The Term Life Insurance plan will cover your expenses for a maximum of 30 years. You can use the money to cover your child’s education or mortgage. In an event of a minor health condition, you will receive up to $350,000. If you play extreme sports, you will receive full protection for the period specified in your policy agreement. Death benefit is also available.
Which is Better?
Both CPP and ivari Insurance provide excellent insurance plans. However, Canada Protection Plan offers more coverage and plans compared to ivari Insurance. Nevertheless, Let’s take a look at the advantages and limitations of the plans provided.
Pros of ivari Insurance and Canada Protection Plan
- Both insurance companies offer great insurance plans and no-cost benefits.
- CPP has plans that don’t require a medical exam or doctor’s report.
- Canada Protection Plan offers more free benefits compared to ivari.
- ivari Insurance offers waivers as part of their rider plans.
- ivari Insurance does not have many plans compared to CPP.
- ivari Insurance has fewer free benefits compared to the Canada Protection Plan.
Canada Protection Plan and ivari Insurance have excellent life insurance coverages; however, Canada Protection Plan comes on top. CPP provides more life insurance coverage and more free benefits.
If you’re looking to get quotes from top insurance companies in Canada, please use the Get Quotes button above to reach out to Insurance Direct Canada – a premier insurance broker in Canada.
At Best Insurance Online, we also have reviewed many good insurance companies for your further insurance: iA Financial Group review, CIBC Insurance review, TD Insurance review, Canada Protection Plan review, and more.