Having a Life insurance policy in place gives you the peace of mind you need. It provides financial support in case of an unexpected event and ensures your financial obligations are met. Here is a comparison of two big insurance companies in Canada: ivari Insurance and iA Financial Group.
ivari
Many Canadians can get a full range of insurance products from ivari Insurance. The insurance company was founded more than 80 years ago and was later purchased by Wilton Re in 2015. ivari, which has thousands of independent advisors, offers a life insurance policy that provides valuable lifetime protection and investment and savings features. ivari’s life insurance policy can be customized with additional options to provide extra coverage. ivari Insurance offers one major plan:
- Universal Life Insurance (UL)
iA Financial Group
iA Financial Group provides insurance plans ranging from travel insurance to mortgage insurance, health and disability insurance, life insurance, and more. The insurance company was founded in 1892, and it is trusted by more than 8 thousand employees and over 4 million clients. The life insurance plan offered by iA Financial Group serves as an additional policy to the life insurance coverage provided by your employer. It covers your financial commitments, death-related expenses and ensures the standard of living is maintained. iA Financial provides four types of life insurance:
- Term Life Insurance
- Permanent Life Insurance
- Participating Life Insurance
- Universal Life Insurance
ivari Insurance Products vs. iA Financial Group Insurance Products
ivari Insurance offers one major plan, including some rider plans and no-cost benefits – while iA Financial offers four major plans and some sub plans. Below is a comparison of both insurance companies.
| ivari Universal Life Insurance | iA Financial Group Life Insurance |
Universal Life Insurance This tax-advantaged insurance policy allows you to create assets for your children, secure your mortgage, improve your retirement income, and protect your retirement funds if you become disabled. This package includes some no-cost benefits: Living Benefits Your universal life insurance fund value can be accessed through your living benefits if you become disabled due to a disease or injury covered by your policy. You’ll receive the money tax-free. Compassionate Assistance Program You will be allowed to borrow against your death benefit if you are diagnosed with a terminal disease or injury and your life expectancy is less than 24 months. | Term Life Insurance A simple and affordable plan protects your family’s financial security for a certain period. It is a flexible plan with a maximum coverage of 40 years. The sub-plans are: Access Life This plan is ideal for people who find it hard to get insured due to their health condition, their age, or where they come from. It is a simplified issue plan that requires no medical exam or blood test. It is easy to apply for and can be obtained quickly. This plan runs for a maximum period of 25 years. Pick-A-Term It is designed for young families with many financial commitments. It is a flexible plan that covers all your loans, including mortgage, car loan, and line of credit. Pick-A-Term is offered for a maximum period of 40 years. |
| Permanent Life Insurance PLI is a flexible plan that provides financial support for your loved ones and ensures their standard of living is maintained. It covers your insurance needs, such as final expenses, estate taxes, financial obligations, etc. Your business and investment will also be protected. This plan has the following sub-plans: Whole Life This plan is best for when you are buying a property, starting a business, having a baby, planning your retirement, or planning your life together. Access Life Permanent Life access life is a life insurance policy (up to 100 years) but offers the same coverage as Term Life access life. Child Life & Health Duo Provides lifetime protection and critical illness coverage for your child. Life and Serenity 65 This plan provides lifetime coverage, including financial support from age 65 in case of loss of autonomy. If you have Alzheimer’s, Parkinson’s, loss of autonomy, or paralysis, the insurance value will be paid in a monthly annuity. | |
| Participating Life Insurance Participating life policy is a permanent policy with basic coverage and fully guaranteed premium, cash surrender value, and death benefit. You could also be eligible for annual dividends. Sub-plan: iA Participating Life Insurance Designed to meet your top expectations, give access to liquidity, allow you to receive dividends, and ensure the tax-efficient growth of your estate. | |
| Universal Life Insurance ULI is a flexible policy that provides you and your family with financial security designed to meet your personal, family, and work situation. It combines life insurance and tax-preferred savings into one contract. There are two sub-plans: Genesis A flexible package that protects you for life and allows you to insure your mortgage, protect your business, have access to liquidity for extra retirement income, deal with an unexpected event or bring your project to life. It also allows you to save and increase your estate without paying tax. EquiBuild EquiBuild offers a growing coverage that adds to your death benefit inform of EquiBuild Bonus. It also provides cash benefits and a guarantee at death. |
How ivari Insurance Works
ivari’s Universal Life Insurance will pay you money while you are still alive. You can put the money to use in many ways, including increasing your retirement income or covering disability costs. If you die, your chosen beneficiary will receive a tax-free death benefit. The benefit can cover final expenses, pay taxes, or secure your loved ones’ future. You can borrow against your death benefit if you are diagnosed with a life-threatening illness or injury with a life expectancy of fewer than 24 months. Your retirement savings will be protected in the event of job disability or long-term care.
How iA Financial Group Works
Regardless of your health status, the Term Life Insurance policy will provide you with money to cover your family expenses and loans, including mortgage, car loan, and line of credit. In the event of death, your beneficiaries will receive a one-time tax-free payment. Permanent Life Insurance provides wide coverage for you and your family. You will receive financial support to maintain your standard of living, and your child will be protected for life. Your expenses will be covered, and your investment and business will also be protected.
With Participating Life Insurance, you will have access to liquidity, and you could be eligible for annual dividends. Death benefit and cash value will also be paid. Universal Life Insurance will cover your insurance needs and allow you to save for the future. You will receive cash benefits and an EquiBuild bonus. The bonus will be added to your death benefit. Your business will also be protected.
Which is Better?
iA Financial Group and ivari Insurance are notable insurance companies. iA Financial Group provides more plans and coverages compared to ivari Insurance. However, Let’s take a look at the pros and cons of the plans offered.
Pros of ivari Insurance and iA Financial Group
- Both companies offer excellent insurance coverage and have the option to contact an advisor.
- iA Financial Group has plans that require no medical exam or blood test.
- ivari Insurance offers waivers and free benefits.
- iA Financial Group offers more plans and coverage ranges compared to ivari.
- Both insurance companies offer child insurance packages.
Cons
- ivari Insurance does not have many plans compared to iA Financial.
- ivari Insurance offers more free benefits compared to iA Financial.
iA Financial Group and ivari Insurance are good insurance companies with excellent life insurance coverages; however, iA Financial comes first. iA Financial Group provides more life insurance coverages.
More ivari’s Life Insurance comparison: ivari vs. Canada Protection Plan, Manulife vs. Canada Protection Plan, ivari vs. Sun Life.
We have also reviewed the most popular insurance companies in Canada: ScotiaLife Financial, Foresters Financial, Equitable Life of Canada, Manulife, and more available via the Insurance Company Reviews button above.
