Protect All Areas of Your Life
Huronia Insurance Group exists to help residents of Barrie Ontario, and throughout the Greater Toronto Area, to select the right personal insurance coverage for all areas of life – including life insurance.
As a Canadian, you may be researching life insurance companies for a variety of reasons, including to:
- Protect the financial position of your family
- Grow your personal savings
- Fund funeral expenses
- Pay off debt (ex. mortgage)
Our Barrie insurance brokers will help you recognize your personal goals, assets, and any current or future needs of your family, in order to help you pick the best life insurance policy for your needs.
Call Huronia Insurance Group
for your Complimentary Life Insurance Quote
Types of Life Insurance in Ontario
The type of life insurance you buy truly depends on what you want to accomplish. Life insurance can be a reasonably tax efficient way to save for the future, while providing protection for you and your family.
The main types of life insurance to consider are Term and Permanent life insurance:
Term Life Insurance – For Temporary Risk Coverage
A term life insurance policy pays out a death benefit to the beneficiary if the insured dies during the term. Term life insurance is often the most affordable type of life insurance and is useful to provide temporary protection during a specific period of time, such as when you are paying off a mortgage, or until your children are finished school and have moved out of the house.
Permanent Life Insurance – For Long Term Savings
and Retirement Savings
A permanent life insurance policy is designed for use in estate and retirement planning since permanent life insurance does not expire during your lifetime, as long as you continue paying premiums.
Whole Life Insurance – These policies are guaranteed and take a conservative investment approach over a long period of time. The highest payouts are for policies cashed out upon death.
Universal Life Insurance – This policy is a type of Permanent Life insurance policy that offers the lower cost of savings like Term Life insurance, while allowing you to build your savings like Whole Life Insurance. Universal Life insurance is riskier as the policy depends on how well your investment grows over your lifetime.
Additional Life Insurance Considerations
Some life insurance policies can include additional benefits, including:
- Medical and Critical Illness Insurance
- Disability Insurance
- Funeral expenses and debt coverage