Who is Industrial Alliance (iA)?

iA Financial Group, or Industrial Alliance, is a Quebec based insurance and wealth management company with operations across North America. It’s been around since 1892 and is now the 5th largest life insurance company in Canada, with a 10% share of the individual insurance market. The company’s diversified businesses span individual insurance, individual wealth management, group insurance, group savings and retirement, auto and home insurance and international operations. The company has more than 4 million clients that it services through its 25,000 representatives.  

Key facts about Industrial Alliance

• • Founded: 1892
  • Headquarters: Québec City, Québec
  • AM Best Rating: A+
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: $86 billion
  • Annual Premiums: $12.1 billion

How much does life insurance from Industrial Alliance cost?

Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

What types of term life insurance policies does Industrial Alliance offer?

iA offers several different term life insurance products.

Pick-A-Term

• Designed primarily for young families with many financial commitments and who want to maximize their life insurance coverage when their family needs it most.
• Offered in 10- to 40-year terms and flexible based on financial commitments.
• Designed to cover loans and debts (mortgage, line of credit, credit cards, car loan)

Traditional Term

• Offered in traditional 10- and 20-year terms 
• Designed to cover short-term financial protection needs

Access Life

• Designed for those having difficulty getting coverage due to age, health, lifestyle or citizenship circumstances.
• Available in 15, 20, or 25-year terms.
• Simple and easy application. No medical exam required.
• Instant coverage is available
• Guaranteed lifelong coverage options are available

Industrial Alliance term life insurance coverage details

• Available Term Lengths: Flexible terms between 10 and 40 years.
• Available Coverage Types: Level and decreasing coverages
• Maximum Amount of Coverage: $10,000,000
• Renewability: Yes, before age 71.
• Convertibility: Yes, convertible to permanent insurance before age 71.

What other insurance policies does Industrial Alliance offer?

iA offers a wide range of insurance products to customers, apart from term life plans.

How can I get Industrial Alliance insurance quotes?

iA offers unique life insurance coverage products that are a great fit for many Canadians consumers that value the convenience offered by non-medical products. As insurance advisors for iA’s life insurance products, we can help you decide if iA products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Our Equitable Life Insurance rating and review

Equitable Life of Canada is one of the country’s largest mutual companies. The company offers various low-cost life insurance options, both for term and whole life markets. These options are designed to offer a variety of needs – from basic protection for families’ financial security to business protection for entrepreneurs and those that own their own company. For pure term insurance, the company offers 10-, 20- 30-year, and age 65 coverages.

The 10-year and 20-year term products offer automatic renewability up to age 85 and these plans can be switched to permanent protection to cover long-term needs. The longer-term 30/age 65 term product is convertible to Equitable’s suite of permanent life products but does not offer renewability. They also offer both single and multi-life coverage in the same policy, providing family members with coverage within the same contract and saving them a policy fee.

Equitable’s multiple term offerings allow the flexibility to combine them into a single life plan to allow ‘laddering’ of coverage; whereby you can only pay for coverage that you truly need. The term insurance products can also be bundled with EquiLiving critical illness insurance to protect total life and health needs in one convenient policy. Applicants who receive preferred pricing on a term life insurance policy, can also automatically qualify for Equitable’s critical illness insurance plans.

How much does life insurance from Equitable Life cost?

Representative values for cost of insurance. Insurance premiums are based on non-smokers in good health. $500,000 insurance death benefit, 20-year term.

What types of term life insurance policies does Equitable Life offer?

Equitable Life offers a single term insurance protection product with several different options and riders for customized coverage.

Term life insurance from Equitable Life

• • 10-year and 20-year terms, renewable until age 85
  • Term 30/65, offering level premiums for a 30-year term or until age 65 (whichever is later). Not renewable
  • All term products are convertible into Equitable’s suite of permanent products
  • Customizable options such as covering multiple lives on personally-owned policies, term insurance for children, and riders for critical illness, disability, and accidental death insurance
  • Preferred underwriting available for amounts of $500,000 or greater
  • Option to exchange 10-year term to a 20-year term

Coverage and policy details

• • Available Term Lengths: 10, 20, and 30 years/ age 65
  • Available Term Types: Guaranteed level premiums. Single and joint coverages
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes, renewable to age 85 for most term plans
  • Convertibility: Yes, convertible up to age 70 for term 10 and 20 plans, age 60 for Term 30/65

What other insurance policies does Equitable Life of Canada offer?

Equitable Life offers a wide range of insurance products to customers, apart from term life, such as:

Equitable Life whole life insurance

Whole life insurance is a form of permanent life insurance that provides you with coverage from the day the policy is settled until the day you die: lifelong insurance. As long as you pay premiums into the policy, the coverage never expires. One also has the option to purchase a policy for children, usually either their own child or grandchild.

Equitable Life Insurance of Canada offers two participating options for whole life insurance.

Equimax Estate Builder

This whole life policy focus on long-term, guaranteed cash values one can pass on to their beneficiaries. Has the option to pay for the policy in its first 20 years.

Equitable Wealth Accumulator

This whole life policy is focused on building cash value in an accelerated manner during the earlier years of coverage.

For more information and an in-depth look at their whole life and permanent coverage, read our Equitable Life Whole Life Insurance Review.

Equitable Life universal life insurance

Universal life insurance is like whole life insurance, except there is a self-directed long-term investment component: your insurer gives you options for investing the cash value of your policy.

Equitable Life Insurance of Canada offers two variations on is Equation Generation IV universal life insurance solution. Both are tax-advantaged investment strategies for universal life insurance, and offer incentive bonuses (though they are subject to funding bonuses and are not guaranteed):

Equation Generation IV with Bonus

There is a guaranteed investment bonus, regardless of the performance of the self-directed component of the policy’s investment.

Equation Generation IV Low Fees

The returns on the investment are that much greater as you pay much lower fees for the management of the policy.

Equitable Life critical illness insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump if you develop a specified illness, health event, or undergo treatment while under its coverage, 30 days after your initial diagnosis. This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

Equitable Life’s critical illness insurance coverage is called Equiliving. It covers 25 different illnesses and conditions, 5 illnesses for dependent children (until age 25), and loss of independent existence. The maximum coverage is $2 million. Equitable Life of Canada critical illness coverage is also available as an additional rider on their term life insurance policies.

Equiliving is offered for 10-year terms up to 75 or 100 years of age.

For more information and an in-depth look at their critical illness coverage, read our Equitable Life Critical Illness Insurance Review.

Equitable Life group benefit insurance

Many Canadian employers offer group benefits for their employees to cover health and dental expenses.

Equitable Life Insurance of Canada administers group benefits for companies across the country, with plans that include:

• Health and dental: Health insurance providing additional coverage to supplement government-provided universal-healthcare plans. These plans can include coverage for: prescription drugs, paramedical care (chiropractor, physiotherapy etc), medical supplies and devices (hearing aids, insulin pumps, etc), eye examinations, travel medical insurance, and dental care.
• Life insurance for employees or their dependents
• Disability insurance where employees receive part of their salary in the event of disability
• Accidental death and dismemberment insurance covering workplace accidents

Financial, Investment, Savings, and Retirement Products from Equitable Life

Equitable Life of Canada offers investment and retirement savings products for Canadians including:

• Guaranteed investment accounts (which are also considered tax-free savings accounts – TFSAs) in the form of Daily investment accounts (DIAs), Guaranteed deposit accounts (GDAs), and Term deposit accounts (TDAs).
• Payout annuities for guaranteed income derived from investments on savings.
• Registered Retirement Savings Plans (RRSPs).
• Retirement Income Fund and Life Income Fund (for managing your retirement savings when you need it for income).
• Segregated Funds (investment funds that are great for estate planning and offer an easy way to leave money to heirs while avoiding probate).

How do I get Equitable Life Insurance quotes?

Equitable Life of Canada offers unique coverage products that are a great fit for many Canadian consumers. As insurance advisors for Equitable Life insurance products, we can help you find complete product details, review coverage,  and decide if Equitable Life of Canada’s products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best life insurance services for your needs.

Pros and cons

Pros

• It is a direct to consumer product which can be purchased online, unlike the majority of Manulife insurance products
• It is a no-medical product, so you will not be required to participate in paramedical tests or even fill out a medical questionnaire. You only need to submit a declaration of good health
• Backed by the Manulife Brand name
• Online account access
• Digital e-policy

Cons

• Limited coverage: CoverMe CI offers only 5 illness basic coverage. There is no enhanced version which would cover 24+ illnesses, unlike many other critical illness policies.
• Low coverage limits: CoverMe’s maximum coverage is capped at $75,000. This is extremely low compared to other insurers, with coverage limits of up to $3 million.
• Coverage is available for 5-year terms only, with premiums increasing considerably when renewed.
• Coverage terminates at age 75. There is no permanent coverage. There is no limited pay option.
• CoverMe Critical Illness Insurance is more expensive than alternatives on the market, including Manulife’s own term life insurance.

Manulife CoverMe Life Insurance rating and review

Manulife CoverMe term life insurance is one of the insurance giants few products that can be purchased fully online. While the name recognition that comes with being a global brand synonymous with financial protection is attractive, potential insurance seekers can be better served by other choices in digital life insurance fulfillment. As it stands, CoverMe is more expensive than many of its market alternatives and offers little to no options for longer terms, larger death benefits, riders, and other aspects of a modern life insurance policy.

We would recommend choosing one of the many other insurers in the market at this point in time, given the potential to obtain lower prices and access a wider spectrum of features and optional benefits. Use PolicyAdvisor’s quoting tool to find the right coverage through several competitive quotes from Canada’s best life insurance companies.

Manulife CoverMe Life Insurance pros and cons

Pros

• Direct to consumer: customers can purchase their term life insurance plans online
• Digital e-policy
• Name recognition: Manulife is Canada’s largest life insurance company and offers a product you can trust
• Convertible to another Manulife permanent life insurance plan without medical underwriting

Types of term life insurance Manulife CoverMe offers

 CoverMe is targeted at those purchasing their first term life policy due to a life event (such as buying a house, getting married, or starting a family). CoverMe’s Term Life Insurance plan is the main offering.

• Canadian residents between the ages of 18 and 70 are eligible to apply. The coverage amount ranges from $100,000 to $1,000,000 and is only available in 10-year terms. It is renewable at the end of each term – with no additional medical underwriting requirement – until the age of 85.
• Only one additional benefit is available: the Terminal Illness Benefit. It provides up to 50% of the coverage amount (with a maximum of $100,000) as a one-time cash advance if you are diagnosed with a terminally illness and have only 12 months or less to live.
• Applicants between the ages of 18 and 55 are eligible for up to $250,000 in instant coverage without the need for a medical exam.
• CoverMe is more expensive than Manulife’s other term life insurance products. (For example, for a 35-year-old male, a $500,000, 10-year policy would carry a $42.00 monthly premium through CoverMe. Comparatively, that same policy would cost $26.68 through Manulife Family term).

Apart from CoverMe Term Life Insurance itself, Manulife offers 3 other life insurance products on the CoverMe platform:

CoverMe Easy Issue Life Insurance

This is a simple and quick issue insurance plan which provides a basic level of life insurance coverage. 

• There is no medical exam – you are instead required to answer two medical questions 
• Each term lasts 10 years and you can renew till the age of 65 
• There are only two benefit amounts: $50,000 and $75,000

CoverMe Guaranteed Issue Life Insurance

This is an affordable product which provides basic coverage without any medical exam or medical questions. 

• Acceptance is guaranteed. 
• Premiums are guaranteed for life
• Only available between ages 40 and 75 
• The death benefit ranges from $5,000 to $25,000 
• This is a permanent life insurance plan

FollowMe Life Insurance

This insurance plan is designed for those who lose their workplace group life insurance coverage and offers them uninterrupted coverage at an affordable price.

• Matches the coverage one had in their group plan for themselves and their spouse (provided they were also covered in your group plan). 
• One must apply within 60 days of their group coverage ending. 
• This is a no-medical guaranteed acceptance product. 
• Coverage remains if the policyholder retires or moves to another job, or even if their health situation changes.

Apart from those under the CoverMe umbrella, Manulife has a few other term life products (not available online):

• Family Term: This is Manulife’s flagship term life insurance product, offering coverage ranging from $250,000 to $25,000,000. It is available in terms of 10 or 20 years or until age 65. It’s also automatically eligible for Vitality Go, an innovative new program that rewards a healthy lifestyl.e 
• Family Term with Vitality Plus: This is similar to the Vitality Go initiative, but it’s only available for select policies. It boasts of more exclusive rewards than the standard Vitality Go, but also has more penalties. (Read our full Manulife Vitality Term Life Insurance Review.)
• Business Term: An affordable, flexible policy for business protection: It includes key person protection, buy-sell funding, estate tax coverage, and business collateral insurance.
• Quick Issue Term: No-medical life insurance. It offers completely electronic paperwork and a fast approval process. It is similar to CoverMe Easy Issue.

Coverage and policy details

• Available Term Lengths: 10 years
• Available Term Types: Level guaranteed term
• Maximum Amount of Coverage: $1 million
• Renewability: Yes, renewable every 10 years up to the age of 85
• Convertibility: Eligible for conversion to permanent life insurance within a certain period

What other insurance policies does Manulife CoverMe offer?

• CoverMe Travel Insurance for travelling Canadians, visitors to Canada, and students
• CoverMe Flexcare Plans and FollowMe Plans for Health Insurance
• CoverMe Critical Illness

Manulife itself offers a huge range of other types of insurance outside the CoverMe brand, including:

• Permanent/Whole Life Insurance
• Critical Illness Insurance
• Long Term Care
  
• Disability Insurance
• Personal Accident Insurance
  
• Travel Insurance
  
• Health and Dental  Insurance
  
• Group Plans
• Investment Plans (including RRSPs and TFSAs)

Is Manulife’s CoverMe Insurance right for you?

While Manulife Cover Me offers name recognition and basic life insurance coverage products that are a fit for many Canadian consumers  – there may be better options, especially with digital fulfillment. As insurance advisors for multiple life insurance companies and products, we can help you decide if Manulife’s CoverMe products are the best fit for you or if another provider can meet your needs.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Who is Beneva?

Beneva is one of the largest insurance companies in Canada. It was only just announced in 2020, making its name fairly new to the Canadian insurance industry. But it is the product of a merger between two well-established life insurance companies founded in Quebec in the 1940s — SSQ Insurance and La Capitale.

Read more about what happened to SSQ and what happened to La Capitale. 

With the combined financial strength and assets of both groups, Beneva is now the 6th largest life insurance company in Canada and one of the biggest insurance mutuals.

As was the case for SSQ Insurance and La Capitale, Beneva is a mutualist organization. This means all policyholders can become co-owners and actively participate in the business direction of Beneva as it strives to adhere to its values of solidarity, equity, responsibility and equality.

Types of critical illness insurance policies Beneva offers

Beneva does offer critical illness insurance coverage for 3 conditions (basic coverage) and 25 conditions (enhanced coverage). It also offers coverage for dependent children.

Coverage and policy details

Beneva’s maximum coverage for critical illness insurance is $2 million.

They offer coverage for loss of independent existence as part of their enhanced coverage. They offer partial payouts, but for only 4 different conditions. The payout is typically 10% of the policy, up to $50,000.

Beneva also offers coverage for 3 additional childhood illnesses.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

Beneva offers critical illness insurance for 10-year and 20-year term insurance or coverage, up to 75 or 100 years of age.

Limited-pay options are available; a 20 Pay option is available for permanent policies.

Does Beneva’s critical illness insurance offer return of premiums?

Yes, Beneva offers return of premiums on death, and a few different options for return of premium on expiry or cancellation after 20 years or when the policyholder turns 55.

Beneva’s return of premium on expiry is available with Term-10, Term-20, and Term to 75 policies.

Its return of premium on cancellation is available with Term to 75 and Term to 100 policies, and also Term to 100 policies with paid-up 20-year plans.

How do I apply for Beneva’s critical illness insurance?

You can apply for Beneva’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed advisors to apply for Beneva’s critical illness insurance, or to find out which critical illness insurance options would be best for you. 

Beneva life insurance rating and review

Beneva’s flagship product is its Term Plus, which packs a ton of flexibility for usage. This policy offers life coverage in addition to unique built-in features and customizable options that can comprehensively protect you against life’s biggest risks. The Term Plus product can be combined with an optional disability and critical illness coverage, allowing for a robust combo product solution from Beneva (formerly SSQ Life Insurance Company Inc).

On a stand-alone basis, Beneva’s Term Plus offers a number of terms (including a 40-year term, which is advantageous for business owners). Beneva also offers an excellent exchange program; you are able to exchange your original term life policies for a higher term without evidence of insurability.

However, such an exchange must be done between the first and fifth anniversaries of the policy. The built-in guaranteed insurability benefit allows you to increase coverage by up to 25% (or $100,000) to meet any increasing needs for protection in the future.

The Beneva underwriting process is quick and easy, with simplified life insurance options. There is no medical exam for coverage of less than $500,000 if you are between ages 18 and 45.

As SSQ Insurance policies did, Beneva Life Insurance plans also offer a built-in and one-of-its-kind extreme disability benefit. This allows you to obtain an advance payment of 50% of the life insurance amount, up to $250,000, in the event of extreme disability. It’s a feature that really sets Beneva’s policies apart from more basic term life insurance coverage.

In addition to the traditional level coverage, Beneva Life Insurance also offers a decreasing term insurance product, which is best suited for covering mortgage or loan liabilities.

Beneva also offers an automatic approval of $20,000 in affordable critical illness insurance coverage to those with good health, with no medical exam. It’s a great option for those considering a critical illness rider. However, the critical illness cover is limited to 3 diseases, which explains its lower price.

Beneva life insurance pros and cons

Beneva life insurance pros

• A built-in Extreme Disability Benefit is unique in the industry
• Options to add critical illness and monthly disability indemnity make for a comprehensive financial protection solution
• Several optional riders including accidental death and dismemberment and child rider
• Preferred rates available starting at $1,000,000
• No medical exam for policies with death benefit below $500,000
• Digital e-policy

Beneva life insurance cons

• Longer turnaround times for policy approval

Who is the Beneva Insurance Company?

Beneva is one of the largest insurance companies in Canada. It was only just launched in 2020, making its name fairly new to the Canadian insurance industry. But it is the product of a merger between two well-established life insurance companies founded in Quebec in the 1940s — SSQ Insurance and La Capitale.

Read more about what happened to SSQ and what happened to La Capitale. 

With the combined financial strength and assets of both groups, Beneva is now the 6th largest Canadian life insurance company and one of the biggest mutual insurance companies. It offers a wide range of customizable insurance products, as well as other financial and investment services.

As was the case for SSQ Insurance and La Capitale, Beneva is a mutualist organization. This means all policyholders can become co-owners and actively participate in the business direction of Beneva.

Key facts about Beneva Insurance Company

• Founded: 2020
• Headquarters: Québec City, Québec
• AM Best Rating: A
• Better Business Bureau Accreditation and Rating: N/A
• Assets: $26.8 billion
• Annual Premiums: $6.6 billion

How much does life insurance from Beneva cost?

Representative values. Insurance premium based on non-smokers in good health. $500,000 life insurance benefit coverage, 20-year term.

Types of term life insurance policies Beneva offers

Beneva offers term life insurance options to customize coverage.

Term Plus

• Designed for income replacement, estate planning, and covering personal and business debts
• Large variety of term lengths available
• Renewable and convertible
• Many in-built enhancements, optional riders, and add-ons available for children’s insurance, disability insurance, critical illness insurance, and other coverage
• Preferred rates available for healthier applicants
• Accepts applicants who are non-residents 
• Guaranteed premiums

Coverage and policy details

• Available Term Lengths: 10, 15, 20, 25, 30, 35 or 40 years
• Available Term Types: Level or decreasing available
• Maximum Amount of Coverage: $10,000,000
• Renewability: Yes. Renewable every 5 years after the initial term, up to age 85
• Convertibility: Yes. Convertible to Beneva permanent life insurance, up to age 70

What other insurance policies does Beneva offer?

Beneva Life Insurance offers a wide range of insurance products and other types of life insurance to customers, such as:

Beneva permanent life insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums, the coverage never expires. Many Canadians choose this type of insurance coverage for end-of-life costs like funeral expenses, coverage for estate fees and taxes, and the like.

Beneva offers three different permanent life insurance options: a Term 100 policy, a non-participating whole life policy, and a universal life policy.

Non-Participating Whole Life Insurance

Beneva offers non-participating whole life insurance with its Whole Life 20 and Whole Life 100 policies. All policies give the choice of having a cash surrender value that increases over time and adding other coverages like life insurance for children or critical illness coverage. Whole Life 20 has a 20-pay option; premiums for Whole Life 100 are paid until the person insured is 100 years old.

Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed, long-term investment component: your insurer gives you options for investing the cash value of your policy.

Universal Life Insurance under Beneva is easy to understand. The plan offers maximum flexibility to policyholders. You can even add complementary insurance along with the Universal Life Insurance plan. You may also make changes during the policy. The features of the policy are mentioned below.

• You receive a 1% guaranteed bonus depending on the accumulated value, starting after 6 years
• You don’t have to pay surrender charges
• The plan offers flexibility for insuring family members at no additional cost
• The interest investment options for this plan are 1, 3, 5, and 10 years

Beneva simplified and guaranteed issue life insurance 

Those who want to take the quick route to get life insurance can consider Beneva’s simplified term and whole life insurance options. These types of coverage can be a good choice for people who do not want to take a medical exam or who may have other health concerns that may prevent them from being able to get traditional life insurance coverage. Simplified life insurance may ask a few limited medical questions, so there is a small chance someone could be denied coverage. But guaranteed issue life insurance forgoes medical questionnaires on the whole.

Because there’s no full underwriting process, the approval time is much quicker for simplified and guaranteed issue life insurance as compared to traditional policy approval times. But coverage is limited and premium payments tend to be more expensive than traditional life insurance.

Beneva provides several options for this kind of simple insurance coverage.

Simplified Term Life 10

• Available up to age 70
• Extreme disability benefit included
• Coverage Amount: $25,000 to $500,000, depending on applicant’s age
• Renewability: Yes. Renewable every 5 years after the initial term, up to age 80
• Convertibility: Limited. Can only be converted into Beneva simplified permanent life insurance, up to age 71

Simplified Term Life 20

• Available up to age 60
• Extreme disability benefit included
• Coverage Amount: $25,000 to $500,000, depending on applicant’s age
• Renewability: Yes. Renewable every 5 years after the initial term, up to age 80
• Convertibility: Limited. Can only be converted into Beneva simplified permanent life insurance, up to age 71

Simplified Whole Life

• Available up to age 80
• Extreme disability benefit included
• Coverage Amount: $10,000 to $249,999, depending on applicant’s age

Guaranteed Issue Whole Life

• Available up to age 80
• Coverage Amount: $10,000 to $50,000, depending on applicant’s age

Beneva Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that provides a tax-free lump sum payment if you develop a specified illness, health event (like breast cancer, prostate cancer, skin cancer, heart attack, and coronary angioplasty), or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Beneva offers critical illness insurance for adults and coverage for children under age 17 through several policy options:

• Basic (3 conditions), enhanced (25 conditions) and child (28 conditions) plans offered
• Coverage available for dependant children
• Partial payouts available
• Maximum coverage is $2 million
• This plan’s range is 10 years, 20 years, and up to 75 or 100 years of age
• Limited pay available (20-pay)
• The plan also includes psychological assistance and a second medical opinion
• Return of premium on death, expiry, and cancellation available
• Survival period is 30 days

For more information and an in-depth look at their critical illness coverage, read our Beneva Critical Illness Insurance Review.

Beneva Travel Insurance

Beneva offers travel insurance through its partner, SecuriGlobe. Beneva travel insurance policies cover both extended and short stays. Their insurance coverage is all-inclusive: from baggage to cancellation and everything in between is covered. If you travel multiple times throughout the year, you can even consider opting for their annual multi-trip insurance.

Beneva Home Insurance

Beneva also provides home insurance for Canadians. You can save up to 20% on your premiums by combining home and auto insurance. Discounts are also offered for Canadian homeowners who install security systems.

Whether from theft or accidents and disasters, Beneva will cover your home. Beneva offers home insurance coverage for apartments, condo units, and freestanding residential properties.

Read our homebuyer’s guide to insurance. 

Beneva Auto Insurance

Beneva also offers insurance for your wheels. Beneva also allows for flexible and easy cancellations online. The premiums depend upon the kilometres you drive. Also, many of their car insurance plans include 24-hour roadside assistance.

Beneva Loan Insurance

Beneva offers comprehensive loan insurance. Policyholders can get a monthly amount to assist in paying the loan premiums should something affect their ability to earn and pay bills. Beneva loan insurance is renewable and convertible, and you can combine it with more of Beneva’s insurance products.

Beneva Group Insurance

Beneva Insurance also offers group insurance services for businesses and companies and their individual employees. Through Beneva Group Insurance, members can get coverage for Health Insurance, Prescription Drug Insurance, Disability Insurance, Life Insurance, Dental Care Insurance, Health Spending Accounts, Travel Insurance, and more. Beneva’s group insurance portal makes filing claims online easy, and claims are usually settled within 48 hours.

Beneva also offers specialized and custom group insurance plans that can cover Accidental Death and Dismemberment, Critical Illness, Insurance for Expatriates, Retirement or End of Employment coverage, Employee Assistance Programs (EAP), and general health and wellness programs for members.

Besides insurance, Beneva also offers many personal finance and investment products.

Is Beneva life insurance right for me?

Beneva Insurance offers unique term life insurance products that are a great fit for many Canadian consumers. As insurance advisors for Beneva Insurance products, we can help you decide if they are the best fit for you and find you Beneva Insurance quotes.

How do I apply for a term life policy with Beneva Insurance?

You can apply for Beneva Life Insurance’s plans by using PolicyAdvisor, the best online insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for Beneva Life Insurance or get an instant quote.

ivari life insurance pros

• ivari offers a number of optional riders, including a children’s insurance rider
• Multiple term options are available
• 30-year term offers unique flexibilities, upon maturity
• Online access to account
• Digital e-policy

Who is ivari?

Known as Transamerica Life Canada until 2015, the company rebranded to ivari when it was acquired by new ownership (the Canada Pension Plan Investment Board, through Wilton Re). Wilton Re is a Bermuda based reinsurance company that focuses on worksite, senior market, and simplified term products. ivari products are distributed through thousands of independent advisors across Canada. The company offers life insurance and critical illness products.

ivari: Quick Facts

• Founded: 1927
• Headquarters: Toronto, Ontario
• AM Best Rating: A+
• Better Business Bureau Accreditation and Rating: 
• Assets: $11.5-billion
• Annual Premiums: $830.9-million

What types of term life insurance policies does ivari offer?

ivari offers 3 different options for term life insurance.

Term 10

• 10-year term life insurance for those looking to cover temporary needs or augment their current coverage
• Perfect for layering or laddering (combining with other types of insurance like whole life, etc)
• Available from 0 to 70 years of age
• Renewable every 10 years to age 80

Term 20

• 20-year term life insurance for those looking to cover income replacement and debts like loans or mortgages, especially in their children’s younger years
• Available from 0 to 60 years of age
• Renewable every 20 years to age 80

Term 30 with SelectOptions

• 30-year term insurance for those with longer-term debts or looking to protect their income through to retirement 
• Available from 0 to 50 years of age
• Renewable at year 30 with level premiums to age 100
• Three options, that can be exercised between the 15th and 20th year of the policy:

• • • Select30: Policyholder can decrease payments and reduce the coverage amount for the remainder of the policy.
    • SelectLIFE: Policyholder can choose Select30 features alongwith added lifetime final expense benefits.
    • SelectVALUE: Policyholder can access the policy cash value by decreasing the coverage or converting to a universal life policy.

Coverage and policy details

• Available Term Lengths: 10, 20, and 30-year terms
• Available Term Types: Guaranteed level premiums, plus other flexible options for Term 30 with SelectOption
• Maximum Amount of Coverage: $10,000,000
• Renewability: Yes, all plans renewable with no medical exam required
• Convertibility: Yes, all terms are convertible to eligible universal and permanent plans until age nearest 71.

Optional life insurance riders available from ivari

Ivari term life insurance offers these optional riders:

• Critical Illness Protection: This rider pays a one-time lump sum payment if the person insured becomes critically ill with one of the critical illnesses covered (you can choose either 4- or 25-condition coverage)
• Children’s insurance rider: This rider provides low-cost coverage for children of the person insured. They can choose to convert it to permanent coverage when they become adults.
• Accidental Death and Dismemberment: This rider provides an additional benefit in case of death or dismemberment resulting from an accident.
• Waiver of Premium: This rider waives all premiums if the person insured becomes totally disabled before the age of 65.
• Payor Waiver of Premium: If the person insured is a child, this rider waives all premiums if the person paying premiums becomes totally disabled before the age of 65.
• Term riders: These add an extra layer of temporary insurance to your base policy.

What other insurance policies does ivari offer?

ivari offers a limited range of insurance and investment products to customers, apart from term life, such as:

ivari Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

Ivari’s universal life insurance policies have a great reputation in the Canadian market for their flexibility and enhancements.

You can customize the plan according to your requirements; many Canadians use the policy to transfer family and corporate wealth.

Coverage Options:

• Joint First to die and Last to die, Single life
• Minimum Coverage
• • Joint plan: $100,000
  • Single life: $25,000

• MaximumCoverage: $10 Million
•  AvailableRiders
  • Critical illness (basic and enhanced)
  • Children’s Insurance Rider and Payor Waiver of Monthly Deductions
  • Accidental death and dismemberment
  • Term insurance riders for 10, 20, and 30 years

ivari Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

Ivari offers one critical illness insurance policy named Critical Illness Protection:

Critical Illness Protection

• This plan offers basic (4 conditions) and enhanced (25 conditions) coverage
• Available terms: 10 years, 20 years, and 65 years
• Requires traditional medical underwriting
• It is renewable
• Available from ages 15 days up to 65 years
• Convertible before age 60
• Benefits range from $250,000 to $2,000,000
• Level premium throughout the plan
• Available as a multiple life or single life plan
• Return of the premium available
• Also includes a 2nd Medical Opinion Service and early detection benefit

For more information and an in-depth look at their critical illness coverage, read our Ivari Critical Illness Insurance Review.

Other Financial Services from ivari

Besides insurance, ivari provides Canadians with several other financial products.

ivari Annuities

Annuities offer a source of income for retirement or estate planning. Ivari offers 3 types of annuities:

• Single life annuity with or without a guarantee period
• Joint and survivor life annuity with or without a guarantee period
• Term certain annuity

ivari Inforce Products

Ivari services Guaranteed Interest Account (GIA) and Daily Interest Account (DIA) products which were part of its investment fund products. As of March 2020 you can no longer participate in these funds, but ivari does provide support for those already investing.

How can I get ivari life insurance quotes?

ivari offers unique life insurance coverage products that are a great fit for many Canadians consumers. As insurance advisors for ivari’s life insurance products, we can help you decide if ivari products are the best fit for you and find ivari life insurance quotes.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Pros and cons

Pros

• Discounts for bundling services
• Comprehensive conditions covered (25 full payout illnesses)
• Children’s coverage available
• Online account access
• Digital e-policy

Cons

• No limited pay options
• No second option
• No permanent coverage