Life Insurance

Life Insurance Purchasing life insurance is something that should be done with careful consideration and with the help of a qualified professional. At K.O. Bartholomew & Son Inc. Insurance Brokers Group, we will help you find the best coverage for your needs, so that your family isn’t left with a financial burden should you pass away unexpectedly. Term Life Insurance With term life insurance, you are guaranteed a life insurance payout if the death of the policy holder occurs within the term specified in the policy. Because the payout is not guaranteed, this policy tends to be a less expensive option than whole life coverage.

Term life insurance provides guaranteed rates and coverage, with prices renewing depending on the term selected, most commonly every 10 or 20 years (known as Term 10 or Term 20). This is a cost effective coverage type, and is often used to protect mortgages. The plan you select should be renewable and convertible, so that in the future you have the option to change your coverage to a permanent Whole Life or Universal Life plan as your needs change. Whole Life Insurance Whole life insurance provides insurance for, as the name implies, the entire life of the policy holder. This means that, while you pay more for the policy, it is guaranteed to never expire. Whole life insurance provides permanent protection with guaranteed level premiums and death benefit. This type of coverage can gain cash values the longer the policy is in force. This coverage is excellent for those who know they would like lifetime protection and are willing to spend more.

Universal Life Insurance Universal life insurance provides permanent protection, along with the option to invest in a tax sheltered environment by over-funding the policy. This coverage is well suited for those who are concerned about estate preservation and estate planning. If you have any questions or would like to speak to someone about life insurance please feel free to call us. We are always available, and are looking forward to doing everything we can to earn your business. Group Benefits Offering benefits to your employees will attract a higher caliber of an employee and make your company more successful and profitable. When an applicant looks for employment, the two most important factors they consider are salary and benefits. K.O. Bartholomew & Son Inc. Insurance Brokers Group will help you retain better employees by setting you up with an affordable and attractive employee benefits package. Employee benefits are a tax-effective means of covering your healthcare and dental expenses.

  • Group benefits may include but is not limited to:
  • Group Life
  • Dependent Life Insurance
  • Short Term Disability
  • Long Term Disability
  • Critical Illness Insurance
  • Extended Health and Dental Care

At K.O. Bartholomew & Son Inc. Insurance Brokers Group, we can help you select the best Group Benefits plan for your employees at the most competitive prices. Travel Insurance The next time you embark on a business trip or take a personal or family vacation, protect yourself with travel insurance. Life is unpredictable, and if you’ve spent much time in flight, in transit or in foreign countries then you know it’s smart to have travel insurance for the unknowns ahead. Luggage can go missing, medication lost and injuries sustained during travels. Enjoy the peace of mind of having a plan that covers emergency situations whether you’re in or outside your home province. Mortgage Insurance Sold mainly through banks when they are arranging your mortgage it is designed to decrease in value at the same pace your mortgage is being paid off. In most cases you will be approved up to a non-medical evidence limit set by the insurance company. This means no medical questions will be asked of you. This, on the surface, is a very easy process and requires no disclosure of your current medical condition and overall health. However, in order for the insurance company to protect itself from any adverse death claims, a pre-existing medical clause is added into the contract. If you die as a result of a medical condition that was apparent prior to the signing of the application the insurance will not pay out a death claim. In most cases the beneficiary does not find this out until their partner has passed away. This is not a good solution to paying off your mortgage. If you do not have any pre-existing medical conditions prior to the signing of the application the policy will respond at death. However the death proceeds are paid to the bank and not to the named beneficiary. The surviving partner should always have the death proceeds paid to them directly. This allows the beneficiary to reassess their current financial situation and determine if it is the best time to discharge their mortgage or not. Critical Illness Insurance While national health care in Canada can be relied upon to help you deal with the treatment of a malady or injury, it is simply not designed to protect your lifestyle or your personal assets during your treatment. This is why having critical illness and disability insurance is essential to take over where OHIP leaves off. Critical illness insurance will pay you a lump sum if you are diagnosed with a terminal or critical illness that is clinically diagnosed. The policy is attractive in a sense, because premiums can be reimbursed under certain circumstances. If no claim is made, you are entitled to your money back. In addition, another attractive fact is that receiving a lump sum can immediately help to alleviate the financial burden of many of the costs associated with health care. The following are general conditions that are typically covered by most critical illness insurance plans (different insurance companies may cover more or fewer of these):

    • Alzheimer’s Disease
    • Aortic Surgery
    • Aplastic Anaemia
    • Bacterial Meningitis
    • Benign Brain Tumour
    • Blindness
    • Coma
    • Coronary Artery Bypass Surgery
    • Deafness
    • Heart Attack
    • Heart Valve Replacement
    • Kidney Failure
    • Life-Threatening Cancer
    • Loss of Limbs
    • Loss of Speech
    • Major Organ Transplant on Waiting List
    • Major Organ Transplant
    • Motor Neuron Disease
    • Multiple Sclerosis
    • Occupational HIV Infection
    • Paralysis
    • Parkinson’s Disease
    • Severe Burns
    • Stroke

Disability Insurance Disability insurance is an insurance product that is designed to provide you with financial security in the event of an accident or an illness that does not allow you to work and earn income. It allows you to meet your financial obligations and maintain your lifestyle in the event of an unfortunate situation. However, there is great scrutiny and risk assessment analysis of your lifestyle. Your background and insurance history is part of the qualification process for this type of insurance. That means no neck pain or bad backs and no history of activities such as mountain climbing. The reason it is hard to claim disability insurance is because it is very difficult to diagnose some types of problems that can keep people off work. Disability insurance can defray the cost of such things as:

  • Loss of earned income
  • Mortgage payments
  • Car payments or other household expenses
  • Medical expenses not covered by the government