Life Insurance & Disability Insurance

Life Insurance & Disbility Insurance Products

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.

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Life Insurance Products

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

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 Age 100 Insurance Products

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 Whole Life Products

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 Products

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 life 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.

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Calculators that can help decide the amount of coverage you need.

Disability Insurance

Your Future Depends on Your Ability to Work.

Buying your dream home, providing a good education for your children, fulfilling personal goals, planning for a comfortable retirement – it all starts with your ability to earn an income. Now, try to imagine what would happen if you were suddenly unable to work due to an illness or injury. forget about your plans for the future – how would you even begin to meet your basic living expenses?

You are at risk regardless of your current health,chances are that you will need disability insurance at least once during your lifetime.

The Disability Risk

Disability Does Happen

And It Can Last For Years

Your Earnings are at Risk

If you are unable to work due to illness or injury, disability insurance will pick up where your income left off, ensuring that your financial security – and your peace of mind remain intact

Each year thousands of Canadians defer making this important financial decision until the risk becomes reality and they are no longer eligible to apply.

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 I have been dealing with Tom Martell for over 25 years and have always appreciated his honesty, advice and suggestions.  I find it easy to make appointments with him no matter how small my concern is, his patience in explaining solutions and ideas are always appreciated. I have complete trust in his advise. 

Robin Calder

Saanichton BC

We have used your services to obtain travel insurance from Manulife since 2013. We appreciate the flexibility of the travel insurance you offer. The actual cost of travel insurance through you is also more reasonable than previous insurers we have dealt with. Your professionalism in explaining our options helped us greatly. We would recommend your services to anyone who plans to travel across Canada or internationally.

Noel and Glenys Pumfrey

Victoria BC

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3161 Antrobus Crescent, Victoria, BC V9B 5M6