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Imagine being diagnosed with cancer or a heart attack. The medical bills can pile up fast, adding stress to an already difficult situation. Critical illness insurance can be a financial lifeline, providing a lump sum payment to help cover expenses and focus on recovery.
ivari, formerly known as Transamerica Life Canada, is a Canadian life insurance company offering critical illness plans. But with so many options on the market, how do you know if ivari’s product is the right choice for you?
This blog post will explore ivari critical illness insurance plans, look at their pros and cons, and compare them to competitors. We’ll also provide tips to help you choose the right plan for your needs.
Stay tuned to learn more about securing your financial future in the face of critical illness.
About ivari
ivari was founded in 1928 in Toronto. Originally known as Transamerica Life Canada, the company was acquired by Wilton Re in 2015 and subsequently renamed ivari. In 2023, it was acquired by Sagicor Financial Company Ltd., a leading financial services provider with over 180 years of history of operations in the Caribbean.
Today, ivari serves approximately 700,000 policyholders across Canada, employs around 300 people, and manages over $14 billion in assets. Headquartered in Toronto, ivari also has a second office in Montreal.
ivari is committed to giving back to the communities in which it operates. The company’s volunteer program allows each employee up to 12 hours per year to volunteer with a registered charity of their choice. In 2016, ivari launched the Healthy Steps Program, which supports organizations that help young people develop healthy habits, such as active living, healthy eating, and health education.
Besides critical illness protection, ivari also offers the following insurance products:
- Term insurance
- Universal life insurance
- Annuities
Key facts about ivari
AM Best Rating: A-
Head office:200-5000 Yonge Street, Toronto, Ontario M2N 7E9
Website: https://ivari.ca/
Contact phone number: 1-800-846-5970
What Critical Illness Insurance Plans Does ivari Offer?
Critical illness insurance isn’t your typical health insurance. Here’s a breakdown of how it works, why it’s important, and how much coverage you need:
How it works:
Unlike traditional health insurance, critical illness insurance pays a lump sum benefit directly to you if you are diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. This payout is tax-free and yours to use however you see fit.
Why you need it:
Critical illnesses can be life-altering, not just physically but financially. Treatment costs can be significant, even with provincial health insurance. Critical illness insurance provides a financial buffer to help manage these unexpected expenses. It can also cover:
- Lost income: If you’re unable to work due to illness, the payout can help replace lost wages.
- Out-of-pocket medical expenses: Your health insurance might not cover everything. Critical illness insurance can help bridge the gap for deductibles, coinsurance, uncovered treatments, and drug costs.
- Living expenses: The financial burden of illness can extend beyond medical costs. You might need help with mortgage payments, childcare, or other living expenses.
How much coverage do you need?
There’s no one-size-fits-all answer. The ideal coverage amount depends on your individual circumstances. Consider factors like:
- Medical expenses: Estimate potential out-of-pocket medical costs, like prescription drugs and physiotherapy.
- Modified accommodations: Make home modifications to improve accessibility.
- Debt repayment: Ease the financial burden by paying off existing debts.
- Income replacement: Help maintain your financial security if you’re unable to work before your disability insurance payments kick in.
- Out-of-country treatment: This can be particularly important if you need access to specialized care not available locally.
Due to the range of factors, it’s not uncommon for people to buy between $50,000 and $250,000 of coverage.
In the next section, we will explore the ivari critical illness insurance plan in detail.
Critical Illness Protection
ivari’s Critical Illness Protection is a comprehensive insurance plan that covers either four or 25 illnesses, providing flexibility based on your needs and budget. The plan is available to individuals aged 0-65, with coverage amounts ranging from $25,000 to $2,000,000. It can also be added as a rider to an existing life insurance policy, simplifying the management of your insurance and potentially reducing policy fees.
The more affordable 4-illness option covers heart attack, stroke, life-threatening cancer, and coronary artery bypass surgery—conditions that account for the majority of critical illness claims. For those seeking broader protection, the 25-illness option includes additional conditions such as blindness, multiple sclerosis, motor neuron disease, and more.
Another feature of the Critical Illness Protection plan is the provision for a lesser benefit of 15% of the benefit amount, up to $50,000, for four less severe conditions, offering financial support even for a few early detected illnesses.
For children, juvenile plans cover five additional childhood illnesses, including congenital heart disease and muscular dystrophy, until the child’s 24th birthday. Children can purchase up to $250,000 of coverage.
Furthermore, ivari’s Critical Illness Protection plan includes access to Virtual Healthcare by Maple. This service allows you to receive medical care from a doctor virtually in under five minutes and connects you with specialists for expert medical opinions on specific conditions. This added benefit ensures you have immediate access to medical advice and support when you need it most.
- Pros:
- By bundling critical illness insurance with your ivari life insurance policy, you can potentially save up to 15% on your overall premiums.
- While most other insurers provide a term length that extends to age 75, ivari is one of the few that has a coverage option that goes to age 65, aligning it to the traditional retirement age for financial protection during your peak earning years.
- You can buy up to $250,000 of coverage without a medical exam. This simplifies the application process, potentially getting you critical illness coverage quicker.
- Cons:
- A drawback of ivari's Critical Illness Protection plan is the mandatory 30-day survival period required for all covered illnesses, unlike some other insurers that limit this waiting period only to cardiovascular diseases.
- A limitation of the Critical Illness Protection plan is the absence of a term-100 option, meaning it does not offer lifetime coverage.
- It lacks a return of premium option upon policy expiry or cancellation, meaning you cannot recover the premiums paid if no claim is made.
Let’s take a closer look at some key features of ivari critical illness insurance to help you decide if they’re the right fit for you:
Critical Illness Protection | |
|---|---|
Age eligibility | 0-65 |
Number of illnesses covered | 4 or 25 |
Plan types | Term-10, Term-20, Term-65 |
Guaranteed premiums | Yes |
Expiry | Age 65 or 75, depending on the plan |
Coverage limits | $25,000 to $2,000,000 |
Survival period | 30 days for all illnesses |
Partial benefits | Pays 15% of the chosen benefit amount, up to $50,000, for less severe illnesses. Covers four illnesses. Only pays once |
Conversion privileges | Term-10, term-20, and term-65 can be converted to term-100 |
Type of underwriting | Fully underwritten. A medical exam may be necessary |
Riders | Return of premium on death, waiver of premium on disability, payor waiver of premium on death |
Value-added service | Virtual Healthcare by Maple |
How to purchase | Through a licensed insurance advisor |
What Illnesses Does ivari Critical Illness Insurance Cover?
ivari’s critical illness product offers a choice of either four or 25 covered conditions that pays out the full benefit amount you selected. If you choose the former plan, here are the four illnesses covered:
- Coronary artery bypass surgery
- Heart attack
- Life-threatening cancer
- Stroke
As for the 25-illness option, here’s the complete list of covered conditions:
- Alzheimer’s disease
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Coma
- Coronary artery bypass surgery
- Deafness
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Life-threatening cancer
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease
- Severe burns
- Stroke
When comparing critical illness insurance plans, especially across different providers, it’s crucial to pay close attention to the policy wording, particularly the definitions of covered conditions. ivari’s approach to Alzheimer’s and Parkinson’s disease is a prime example.
While other insurers might bundle these conditions under broader categories like “Dementia, including Alzheimer’s disease” or “Parkinson’s disease and specified atypical Parkinsonian disorders,” ivari only covers “Alzheimer’s disease” and “Parkinson’s disease”. This can make direct plan comparisons challenging. A seemingly similar condition might have stricter diagnostic criteria under ivari’s policy, potentially impacting your eligibility for the full benefit payout.
ivari includes an “Early Detection Benefit” in its Critical Illness Protection plan, emphasizing the importance of early diagnosis and treatment. If you are diagnosed with one of four specified less severe conditions, you will receive a payout equal to 15% of your selected benefit amount, up to a maximum of $50,000. These conditions, often detected early, include:
- Coronary angioplasty
- Ductal breast cancer
- Early prostate cancer
- Superficial malignant melanoma
Unfortunately, you can only claim one Early Detection Benefit. Some other insurers let you receive multiple benefits if you are diagnosed with different illnesses.
ivari understands that critical illnesses can strike at any age, even in children. That’s why their juvenile plans go above and beyond standard adult coverage by including five critical childhood illnesses:
- Cerebral palsy
- Congenital heart disease
- Cystic fibrosis
- Muscular dystrophy
- Type 1 diabetes mellitus
How Much Does ivari Critical Illness Insurance Cost?
The cost of critical illness insurance isn’t one-size-fits-all. It’s personalized based on your unique risk profile. Here are some key factors that influence your premium:
- Age: As we age, the likelihood of critical illness increases. So, younger applicants typically pay less than older ones.
- Gender: Statistics show a slight difference in risk between genders for certain illnesses. While some insurers might offer slightly lower premiums for women at older ages, this can vary.
- Health habits: Smokers face higher premiums due to the increased risk of critical illnesses. Similarly, risky hobbies or a history of drug use could affect your cost.
- Medical history: Pre-existing conditions or a family history of critical illnesses may lead to higher premiums to reflect the increased risk of hereditary illnesses.
- Coverage amount: The more critical illness coverage you choose, the higher the premium.
- Policy term length: Longer terms like term-65 will cost more than shorter terms like term-10 or term-20 due to the extended period of coverage and potential for higher risk of illness over time.
- Optional riders: Policies designed with riders like return of premium will cost more than ones without these options.
By understanding these factors, you can make informed decisions when comparing quotes and choosing a critical illness insurance plan that fits your budget and needs.
The following table provides a rough estimate of the cost of Critical Illness Protection. It displays the monthly premium for $100,000 of 25-illness term-10 coverage for male and female non-smokers over the first 10 years for different age groups:
Age | Male | Female |
|---|---|---|
25 | $26 | $26 |
30 | $30 | $28 |
35 | $34 | $36 |
40 | $46 | $49 |
45 | $66 | $65 |
50 | $107 | $89 |
55 | $178 | $139 |
60 | $261 | $192 |
How Do You Buy An ivari Critical Illness Insurance Plan?
Critical illness insurance can be a valuable tool in your financial safety net. Here’s a breakdown of the steps involved in getting ivari’s Critical Illness Protection to ensure you get the right coverage for your needs:
- Find an insurance advisor: A qualified insurance advisor can be your partner in navigating the critical illness insurance landscape. They can assess your individual circumstances, explain ivari’s plan options and riders, and guide you toward the coverage that best suits your situation.
- Pre-application assessment (optional): If you have pre-existing health conditions, have lifestyle risks like past drug use, or have a family history of serious illnesses, consider a preliminary assessment. This can help you understand if you qualify for standard rates or might face adjustments based on your unique risk profile.
- Apply for coverage: Once you’ve chosen your plan, applying for coverage is a streamlined process. ivari offers an electronic application you can complete with your advisor, making it convenient to submit your details.
- Underwriting process: After you apply, ivari will assess your eligibility for coverage. This might involve medical exams, reviewing your health records, and evaluating your lifestyle habits. This helps the underwriter determine your risk profile and ensure they can offer you critical illness coverage.
- Underwriting decision: ivari will make a decision based on your risk profile. Here are some possibilities:
- Approval at standard rates: You’re good to go!
- Coverage with a rated premium: You’re approved but with a higher premium reflecting your increased risk of a claim.
- Policy with exclusions: Coverage is offered, but certain critical illnesses might be excluded.
- Postponed or declined application: In some cases, ivari might need more information or may not be able to offer coverage until your situation improves.
- Accept the policy: If you’re approved and happy with the terms, it’s time to accept the policy. Carefully review the details, and once satisfied, pay the premium to activate your coverage and gain critical illness protection.
By following these steps, you can confidently navigate the process of getting critical illness insurance with ivari. Remember, a qualified insurance advisor can be a valuable resource to ensure you make informed decisions and get the right coverage for your peace of mind.
Need An ivari Critical Illness Insurance Quote?
Critical illness insurance is a vital tool for safeguarding your financial well-being in the face of serious health challenges. ivari’s Critical Illness Protection offers comprehensive coverage with adaptable options to fit various needs.
Here’s how we can help you navigate this crucial decision:
- Free consultation: We provide a no-obligation consultation to assess your specific situation and identify the optimal critical illness insurance plan for you.
- Expert comparison: Concerned about choosing the right company? We’ll compare ivari’s offerings with competitors, outlining the pros and cons of each to ensure you get the best policy for your needs.
- Ongoing support: Your needs change, and so should your coverage. We’ll continue to review your policy over time, making sure it adapts to your evolving circumstances.
Don’t delay securing your peace of mind. Contact us at info@briansoinsurance.com or 604-928-1628 today!
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
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