Who is IFS? Meet the Finance Company for your Insurance Policy.

Who is IFS? Meet the Finance Company for your Insurance Policy.

Last Updated: Aug 2023 | Categories: Car Insurance, General, Home & Renters Insurance

Who is IFS? Meet the Finance Company for your Insurance Policy.

One of the things that gives Cheep Insurance a wing up on our competitors is the ability to offer a payment plan to everyone – no matter what your insurance or payment history looks like. Many of our payment plans are managed by our finance company partner, IFS. If your policy is financed through IFS, you’ve likely seen the IFS logo on your billing documents and you may have spoken with their friendly team to make payment arrangements. So, who is IFS?


IFS Financial Services Logo


Who is IFS?

IFS Financial Services Inc. is one of the leading premium finance companies in Canada. IFS was initially founded in 1977 as “International Financial Services Limited” and has been proudly helping brokers and clients with payment plan arrangements for over 45 years. Working with hundreds of brokers and thousands of clients across Canada, the experienced team at IFS offers top customer service and is always happy to help clients by offering flexible payment options.


Why finance with IFS instead of the insurance company?

Financing with IFS can have a few benefits over financing with an insurance company:

  • IFS can usually work with you to extend a payment date if needed – many insurance companies will not offer this flexibility.
  • Many insurance companies will require payment in full upfront if you have ever had payment or credit issues, which is not realistic for many people.
  • Changes to banking and personal information are often more efficient with IFS than with insurance companies.
  • As your broker, Cheep Insurance has the ability to quote and set up policies with a number of different insurance companies. Our goal is to make sure your policy is with the best-priced company for your coverage needs. Sometimes your best-priced option will change from year-to-year and we can save you money by moving your policy to a different company on renewal. If your payment plan is financed with IFS instead of the insurance company, that transition is much smoother as we can apply the IFS contract to the new policy without collecting an additional downpayment or requiring you to fill out more banking or payment forms.


How do monthly payments with IFS work?

If your policy is financed with IFS, your payments will be automatically withdrawn from your bank account on your payment date each month. Your payment date will line up with the effective date of your policy – so, if your policy begins on July 17th, your payments will be withdrawn the 17th of each month.

If you know you have an upcoming payment that will not clear your bank account, IFS may be able to help make an exception and move that one payment for you. Please note they will need 10-14 days notice because payments have to be sent to the bank in advance. To make arrangements, you will need to contact IFS directly at 902-481-6106 or


What are the payment plan options?

There are three payment plan options offered through Cheep Insurance in partnership with IFS:

  • Standard Monthly Payment Plan
  • Specialty Monthly Payment Plan

The payment plan you’re set up with will be determined by the company your policy is insured through and your payment history.

If you’re set up on a Standard Monthly Payment Plan with IFS and you have more than two NSF (missed) payments in a policy term, your financing plan will be changed to the Non-Standard Monthly Payment Plan on renewal. This plan has a higher interest rate and spreads your premium over less payments, which will cause your monthly payment amount to increase. The great news is, a payment plan will still be available! Many insurance companies will cancel or non-renew your policy if you have more than 2 NSF (missed) payments in a policy term. If this happens, or you are cancelled for non-payment, it can affect your insurance for up to 5 years and impact your eligiblity for payment plans in the future.


Who do I contact to make payment arrangements or change my banking?

The team at IFS is great – and as a client financed with IFS, you contact them directly to make payment arrangements for a missed payment or change your banking information. You can reach them at (902) 481-6106 or

IFS offers payment plans for clients who may not otherwise be eligible through the insurance company – and we’re happy to have them! If you have any questions about your payments or how to find out who your policy is financed through, give our team a shout at 1.866.922.4337 or