Nobody needs Life Insurance, they need CA$H

For many, the last two years have made a lot of people more attentive to two things; money and mortality – both of which are the pinnacle of adulting. They’re also both the two things no one likes to think about. For most, there’s not enough of either money or time. But when the time comes, will there be enough money?

If you’re evaluating your accounts and expenditures and deciding where you can cut costs, are you wondering if your life insurance policy is worth the monthly premiums? Is it a necessary expense? Is it something you need and why? Let’s explore those questions.

You’re an Individual, Get a Health Plan to Match

With all the societal changes in the last few decades, the one that seems to have staying power is the fitness trend. It started with Aerobics in the 80s which was taken over by Billy Banks with Tae Bo. Then came Spinning in the 90s, Zumba in the 2000s and most recently calisthenics’ and CrossFit. Some trends such as yoga and Tai Chi have survived the mania showing their true longevity. Then there are all the dietary trends such as being vegetarian, vegan, Atkin and now Keto. Regardless of how you chose to manage your health and lifestyle, ensuring you have proper insurance coverage should be one of your choices. With the GMS plan options available, our Individual Health plans can will provide another layer of health insurance. These plans have coverage for emergency services, routine medical, paramedical, and so much more to offset coverage not offered through standard Provincial coverage. If you’ve made the choice to be self-employed, on contract or work at a company which doesn’t offer coverage, a Personal Health Plan may be the right choice for you to gain some peace of mind. While you might be looking after your eating and physical well-being, life likes to throw us curve balls and we can’t also predict when illnesses or injuries occur. We’d love to discuss what’s important to you and help you choose the right option.

Your Heart Can Affect Your Income

An 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

As 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. Fortunately during the financial planning sessions, we discussed and included Critical Illness coverage to their suite of group and insurance options. This allowed the family to spend their limited time together as well as have the proper time to grieve the loss of a father and husband without worrying about finances. 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. There are many versions of Critical Illness Insurance available and different insurance carriers offer different coverage. Be sure not to let premiums be your guide when choosing the right coverage for you and your family. Speaking with a financial planner at YourStyle Financial can help you navigate the tricky waters of ensuring your future needs are met based on your family history and future goals. Due to the aforementioned situation, the children of this couple have now been meeting with YourStyle Financial on a regular basis to develop their own financial plans and to ensure that their inheritance and financial affairs are well looked after. Firsthand experience has shown them a little planning goes a long way.

Planning for the Unexpected in Today’s World

In 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. Most travellers don’t realize how essential travel insurance can be to both their present and their future. Imagine just flying out for the weekend to enjoy a good time with your family or friends. Now imagine you are being transported to the hospital due to accident, violence or medical issues. Do you want to experience the panic of realizing you could be responsible for tens if not hundreds of thousands of dollars of medical bills? Or would you rather focus on your current situation and your healing? Travel insurance can make the difference between those two scenarios. If you’re not thinking about yourself at that moment, have you thought about the impact a tragedy of this nature could have on your family? For one of the Manitoba victims of the Las Vegas massacre, her husband and son are on their way to be with her during her recovery. This is going to involve time off work, flights costs, hotel and food. Were you aware many travel insurance plans provide for these types of costs? Now imagine the worst case scenario (something we all avoid facing), and that is you do not survive. Now your family must not only arrange to transport you home, but also address possible outstanding medical bills. This, at a time when they should be focusing on grieving and healing. In addition to travel insurance, this is another reminder of the necessity for will and estate planning. Choosing someone to be in charge if you become mentally incapacitated and after you die and deciding who will get what, when they will get it, and how they will get it after you’re gone will go a long way towards avoiding family conflict and costly court proceedings. The world is an unpredictable place, but planning your finances and insurance is something within your control. If this is something you are ready to address, we’d be happy to help.

Why Millennials Need 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

• No strenuous exercise for at least 24 hours before and after the exam.
• Be well rested.
• If applicant has a cold, menses or flu – reschedule!
• Limit alcohol for 24 to 48 hours prior to exam.
• Limit caffeine.
• Reduce smoking.
• 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.
• Avoid vitamins and supplements for 24 hours.
• Continue all prescribed medications.
• 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.