We are a division of the Murrick Insurance Services Group, and all financial planning is handled by the Murrick Insurance Services Head Office, so you are now looking at their web site. For all your financial planning needs, please contact Murrick.
Insurance Products
As brokers, we at Murrick offer a complete range of life, disability and critical illness coverage with virtually every insurer operating in Canada. We’re an independent group, so our focus is on your best interest, which means not only selecting the best policy for you from the myriad options, but also supporting you in the handling and settlement of your claim, should you need to make one. The Personal and Business Insurance sections of this website provide more details on the types of coverage available to you and the insurance issues you may need to consider.
Life Insurance
This product is designed to provide a lump sum benefit to a beneficiary if the insured should pass away due to either accidental or health reasons. There are a wide variety of products that can be broken down into the following categories:
1. Term Insurance
This product provides a death benefit for a fixed premium. At the end of each term, the coverage is normally renewable for another similar term up to a maximum age such as age 80. The periods available are as follows:
- Term for One year
- Term for Five years
- Term for Ten years
- Term for Twenty years
2. Life Time Coverage
Under these policies, the coverage can be continued for your lifetime and it comes in several versions including the following:
- Term to 100 – Lifetime premium.
- Term to 100 – Premiums for 20 years.
3. Life Time Coverage with Refund Features
Under these policies, the coverage is designed to continue for your lifetime, but if you cancel the coverage, there could be a refund. Once again, it comes in a number of versions:
- Whole Life – Premiums for life.
- Whole Life – Premiums for a limited number of years.
- Universal Life – Variable premium including ability to make lump sum prepayments.
Disability Insurance
This product is designed to provide an income if you are disabled and unable to work. The plan has to be custom designed to meet your personal requirements including the following:
1. Benefit Amount
It is typically a percentage of up to two thirds of your current earned income.
2. Waiting Period:
Period you must be disabled before you can start collecting. There is a wide range of options including:
- 30 days
- 60 days
- 90 days
- 120 days
3. Benefit Period
Period of time benefits will be paid for any one disability. There are a number of options including the following:
- 2 years
- 5 years
- To age 65
4. Definition of Disability
There are a number of definitions of when a claim will be payable and they include the following:
- Total Disability:
- Under this definition, you must be unable to do any type of work.
- Own Occupation:
- Under this definition, you must be unable to do the activities required in your own occupation only.
- Partial/Residual:
- Under this definition, you are paid a portion of your benefits if you are only able to work part time.
Critical Illness
This product pays a lump sum if you are diagnosed with a critical illness such as most cancers and heart attacks and survive for 30 days. The coverage is available in several versions including the following:
Basic Coverage:
Under this plan, it provides coverage for a narrow range of health issues.
Comprehensive Coverage:
Under this plan, it includes payments for a wide range of illnesses besides cancer and heart disease including Parkinson’s, MS, etc.
