Category Archives: Insurance

Your Heart Can Affect Your Income

Protect Your HeartAn article recently published by Sheryl Ubelacker, The Canadian Press, provides insight into the result of a study in the Canadian Medical Association Journal on the effects of heart and stroke episodes and its impact on income. Some of the statistics are quite staggering.

The study shows one-third of heart attacks, a quarter of strokes and 40 per cent of cardiac arrests occur in working people under 65. These medical issues are occurring during prime income earning years and are leaving some with physical or cognitive disabilities. In comparing two years of earnings prior to the health event and three years afterwards with their unaffected equals, it became evident those who were affected by cardiovascular events were less likely to be working and therefore less likely earning. The reductions ranged from 8 to 31 percent in lost earnings.

Those who suffered a stroke, suffered the most significant loss of income at 31 percent, representing a third of their income. As strokes affect brain cells, the likelihood of physical limitations is increased compared to a heart related event. While labourers immediately come to mind as those most likely unable to continue in their role, the limitation of using your hand and arm can prevent one from being able to operate a computer.

In conjunction with the person’s own inability to continue earning, members of their family may also be affected. If the family consists of younger children, the spouse who is now the main bread-winner may be required to spend more time with the family and less at work thereby further affecting their income. Should it be a parent whom is affected, the adult children may be required to take time away from work to attend to their medical care or appointments.

The positive outcome to this study is the attention it will bring to those who require additional resources to manage the after-effects of the medical event, which is long overdue. With government bodies, change takes time – which you and your loved ones may not have. However, there are options for helping yourself.

Critical Illness Insurance pays a lump sum benefit if you are diagnosed with a dreaded disease such as Multiple Sclerosis, Alzheimer’s, Cancer or Parkinson’s Disease. Other conditions covered may include coma, stroke, heart attack, and kidney failure. Benefits are paid for the first occurrence and may be used to pay medical expenses, modify your home or even take a vacation. In May, we shared a real-life story of the benefits of this insurance in the blog Money Can’t Buy You Love. By purchasing Critical Illness Insurance, this family was able to spend the last bit of time they had with their loved one without affecting their financial situation. When a situation such as this arises, that is all we can ever ask for.

Planning for tomorrow is a key aspect to financial planning, so is planning for the unknown and unexpected. Medical circumstances are never convenient and rarely scheduled. If you’d like to prepare yourself, we’d like to help.

Money Can’t Buy You Love

Critical IllnessAs the old adage goes, money can’t buy you love, but it can buy you time with the ones you love when you need it most. We all hope to have a long healthy life with plenty of time with family and friends. Sometimes however, life has different plans and a little planning can ease the financial burden at a time when the last thing you should be thinking about is money. Critical Illness Insurance is one option to account for the unforeseen future.

A long term client of YourStyle found themselves in this exact situation. While they were diligently working on their retirement plans, one of them was diagnosed with terminal brain cancer only to pass 37 days later. Continue reading

Planning for the Unexpected in Today’s World

70687889_sIn 2017 the world has experienced some extremely traumatic events; many centered around major tourists areas. Many people were injured and killed in cartel related shootings in Mexico and most recently the tragic mass shooting in Las Vegas. We have even experienced suspected terrorist activities in Canada with the recent attack in Edmonton. Our hearts and sympathies go out to all those affected indirectly and directly by these events.

While we like to believe these circumstances will never happen to us, the sad reality is they can happen to anyone, anywhere. This is why it’s so important to plan for the unexpected. Continue reading

Why Millennials Need Life Insurance

Millennial Life Insurance

If you’re young and single, you may think that the things you want out of life are attainable with persistence and planning, and that you have lots of time.

But the reality is, you just never know about that last part.

This is why you might want to put life insurance — a financial product often overlooked by young adults — on your radar.

Don’t Dismiss It

Fewer than 20% of millennials say they’re likely to buy life insurance. 60% say Internet, cable and cellphone bills are higher priorities, while about 3 out of 10 millennials say saving for a vacation is more important than buying life insurance.

But just because you’re a young, healthy single with no children doesn’t mean you should disregard the need for life insurance coverage.

Just think… what would happen to the people you love is something were to happen to you?

Why You May Need (More) Life Insurance

If you offer some financial support to your parents or other relatives, or if you fall into the majority of young adults with sizable student loan debt, you ought to think about life insurance. Keep in mind, for example, that if someone has co-signed on a loan for you, the obligation could fall on your co-signer to pay off your debt if you are no longer around.

Chances are you already have some life insurance — group coverage — if you’re working full time. But do you need to go out and buy more coverage?

To answer that question, you must calculate how much your family would need if you were suddenly out of the picture.

Assessing Your Coverage Needs

You must consider:

  • How much money your family would need to cover funeral expenses if you were to die unexpectedly.
  • How much would be needed to replace any income that you’re contributing to your family.

When dealing with the loss of a loved one, the emotional side is a big enough struggle. If you can take the financial struggle off the table, it makes it much easier for the surviving family members to focus on just the emotional side.

Term life insurance may be the best option for a 20-something on a budget. It covers you for a determined time period, such as 20 or 30 years, and is relatively low-cost.

You can get a lot of coverage from an excellent insurance company for very little money.

Term vs. Permanent

Another option is permanent life insurance, which costs more than term but covers your entire life.

Do Your Homework

Life insurance can be hard to understand. Usually, it’s a lack of knowledge that prevents young adults from being more secure in their financial situation.

So, read up — like you’re doing now. And be sure the insurance company you select is financially solid.

This is probably going to be a 20-year relationship, so go with a highly rated company.

Most of all, keep it simple. Focus on the need to replace that lost income. There are a lot of complicated products out there.

If you have any questions about this topic, please contact Yourstyle Financial to discuss more!

Insurance Protection Info From QUS

Quality Underwriting Services (QUS) plays a key role in helping people protect their families by contributing to the life insurance process on behalf of insurance companies and financial advisors. For 40 years, their network of highly trained health professionals have provided simple, convenient, fast and effective paramedical services across Canada.

Here are the Nurse’s Top Tips when scheduling an appointment:

  1. No strenuous exercise for at least 24 hours before and after the exam.
  2. Be well rested.
  3. If applicant has a cold, menses or flu – reschedule!
  4. Limit alcohol for 24 to 48 hours prior to exam.
  5. Limit caffeine.
  6. Reduce smoking.
  7. Ideally fast for 4-8 hours before the exam depending on the Insurance Company requirements. If there have been prior health issues, a 12 hour fast may be required.
  8. Avoid vitamins and supplements for 24 hours.
  9. Continue all prescribed medications.
  10. RELAX!

QUS is pleased to provide nine one-minute videos to help clients prepare for their insurance medical. These videos are the first of any paramedical provider in Canada! You will find everything you need to know – how long the appointment will take, important tips, as well as specialized information for specific tests. Please visit https://getready.qus.ca  for more information.