Category Archives: Life

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!

Are You Travelling This Winter?

Travel Insurancee

“Am I covered for emergency health care outside of Canada?” It’s one of the most frequently asked questions of travelers — and an important one to answer.

With U.S. medical care costs skyhigh (and rising), even a simple doctor visit can put a serious dent in your bank account. If you’re unfortunate enough to require an extended hospital stay, your finances can suffer permanent damage.

Do you need additional health insurance? Simply put: YES. Technically, all Canadians are covered under their provincial plans for any time they’re overseas, but coverage is extremely limited. For example, Manitoba Health will only pay for emergency doctors’ services outside of Canada at a rate equal to what a Manitoba doctor would receive for similar service.  In other countries, services can cost much more than they do here in Manitoba. As a result, you could find yourself responsible for a large medical bill. Emergency hospital care is paid on an average daily rate established by Manitoba Health. The difference above the covered amount could be substantial and is YOUR responsibility to supplement your coverage with some travel health insurance. Travel insurance gives you peace of mind to cover emergencies such as physician’s fees, diagnostic services, ambulance and paramedic costs, and hospital accommodations.

So, what’s the best way to obtain additional coverage? Head over to our Resources page for direct links to travel insurance providers. Also, while there, be sure to check out other helpful information as well such as The Glossary of Common Investment Terms.

Get away – but get covered

In a recent post to this blog, we discussed the health benefits of a vacation. Since we call Winnipeg home, we’re very aware of the temptation to fly south in search of warmer weather and some quality time poolside or on the beach.

Your vacation is an investment, and it will pay real dividends in terms of enhancing the quality of your life.  By all means, go – but make sure you’re covered first.

Travel InsuranceYour Manitoba Health Insurance covers you in Canada, but if you’re travelling to the US or another foreign destination, you’ll probably want to supplement your coverage with some travel health insurance.  Manitoba Health will only cover the costs of emergency health care to about the same level as they do in Canada.  In other countries, services can cost significantly more than they do here at home.  As a result, you could find yourself responsible for a large medical bill.

YourStyle Financial Inc. can help you with your insurance needs – temporary travel coverage by itself, or as part of an Extended Health Plan.  When you’re out of the country, we can help you make sure that your emergency needs, like physician’s fees, diagnostic services, ambulance and paramedic costs, and hospital accommodations are taken care of.

No matter what your insurance needs are, YourStyle Financial Inc. can help you select coverage that meets your goals, today and tomorrow.  We provide consultative services that take your individual situation and needs into account, and advise you on the solutions available to you.  We’re one of Winnipeg’s premiere financial services firms, because we don’t just sell products, we build relationships with our clients.  Your healthy financial future is our primary concern.

Travel insurance provides peace of mind, so that your vacation can bring peace to your body.   Request a quote online today.

Vacations – Investing in Yourself

Many people’s financial plans emphasize frugality today for prosperity tomorrow.

At YourStyle Financial, we understand the need to save for the future, and we like to help our clients enjoy their lives today.  Preparing for the future is much easier when we’re enjoying the present.
VacationThere are many good reasons to take a vacation – taking some time away from the stresses of work and daily life to focus on spending time engaging in stimulating (or relaxing) activities with family members and friends in a new setting can recharge your batteries.  It will give you added perspective on your life and work, and you’ll return to your regular routine invigorated and more productive.
And your health can be greatly improved.

Prolonged periods of work without a vacation have been shown to have numerous medical consequences – people who are “all work and no play” become irritable and inattentive, and are more likely to have accidents on the job.  They are at higher risk of cardiovascular problems, depression, anxiety, and other illnesses, both physical and mental.

Your financial plan should be flexible enough that you don’t need to save every last dollar you make for retirement.  Life is about balance, just like vacations are about balance.  By helping you make wise budgetary decisions, YourStyle Financial can help you achieve a balance by making judicious investments – in both your financial future and your happiness today.

We will do what many financial planner fail to do – we will find out, in detail, about your wants and needs, before helping you develop a financial plan that fits your personality, individual needs and wants (including vacations), and investment goals.  Then we’ll help you implement it.  When you deal with YourStyle, you aren’t getting a quick one-off session with an investment product salesperson – you’re developing a long-term relationship with a financial planner who has your best interest at heart.