Martell Insurance Services has brokerage contracts with all of the leading Canadian Life and Disability Insurance companies. As a licensed Life Guide user, we are able to prepare quotes within minutes from over 250 life Insurance Companies in Canada. This allows us to offer you one stop shopping for the best product at the best price, while maintaining full consideration for your needs and budget.


Life insurance products can generally be divided into two categories: term insurance and permanent insurance. These two categories can be further subdivided into four main types of life insurance products currently available in the Canadian marketplace:

  • Regular Term Insurance
  • Term to Age 100
  • Participating Whole Life
  • Universal Life

  • Term Insurance products provide pure insurance protection. The insurer promises to pay the face amount under the policy if death occurs during the term of coverage. The premiums are level for the term of coverage, but increase at each renewal date, usually every one, five of ten years. The premiums for term insurance become prohibitively expensive at later ages, due to increasing mortality costs. Most term products terminate at certain ages such as 75 or 80. With term insurance, there is a risk that the insurance may expire before the insured.


    Term to 100 products provide pure insurance protection but on a permanent basis. Premiums are level and payable for life or until the insured reaches the age of 100. Generally at age 100, premium payments stop but coverage continues. These products may or may not have a cash surrender value.


    Participating products are the oldest type of permanent life insurance. Coverage is for the whole of life, as long as premiums are paid and the policy is not surrendered. The unique feature of participating whole life insurance is the payment of policy dividends. There are a number of different dividend options, the most popular option is Paid Up Additions. This increases the face amount and the cash surrender value. participating policies provide significant tax sheltered accumulation over the years.


    Universal life insurance is the latest permanent product to hit the Canadian market. it offer the policyholder greater flexibility in premium amount and duration. Deposits may be increased, reduced or stopped altogether, subject to certain limitations. The insurer will require a minimum premium (or cash value), to pay the related ongoing insurance costs. There is also a maximum premium, prescribed by Regulations 306 and 307 under the Canadian Income Tax Act, in order to maintain the tax exempt status. The policyholder may choose amongst a broad range of investment options within the policy. These could be one or a combination of the following options; GIC's, Foreign and/or Domestic Index Accounts and Portfolio Average Account. The death benefit can be either a level benefit or a benefit that is increased by the investment amount inside the policy. The cost of insurance can be based on a yearly increasing term or level term cost similar to a Term to 100 product.

    Universal life products are particularly attractive to clients who want to take an active role in the management of the investment accounts, and are seeking a tax-sheltered vehicle in addition to insurance protection.

    Most lie insurance companies allow more than one life to be insured on one life insurance policy with the death benefit becoming payable on either the first or second death. Dependent upon the purpose of the insurance, it is usually less expensive to have two or more lives on one policy. As an example, if the insurance is for mortgage protection, it would be prudent to have both husband and wife insured on one policy with a death benefit payable on the first death. if the insurance is for Capital Gains purposes, it would be prudent to have both husband and wife insured on one policy but with the death benefit payable on the second death.