What Should I Do With My Tax Refund?

Thomson Schindle Green (TSG) Insurance Company is a full-service, independently-operated insurance brokerage that provides insurance policies as well as financial planning where our specialist can often help with regards to lifestyle and business planning as part of your wealth management goals. As tax season has now come to a close for 2017, our wealth management specialist are being asked, “What can I do with my refund?” Read more

Ways to Lower your Alberta Auto Insurance Rates

Young, single drivers face some of the highest auto insurance rates due to inexperience and the statistical likelihood of a crash being higher. Fortunately, there are some ways that these drivers can reduce their insurance rates and save some money.

New drivers who’ve completed a registered driver training course can usually recoup the cost of the course in the first year, and subsequently save a significant amount of money. The good student discount applies to both high school and university students. Students will be required to present proof of the required average grade in order to qualify and must re-qualify each year.

Another area that can generate savings is vehicle choice. Cars that carry a strong safety rating as well as a lower incidence of theft are the best bet for a young single driver. Sports cars and SUVs already carry higher insurance rates and adding a young driver will also carry a premium increase. A used car may carry a lower value and thus may also come with a lower premium than the same car brand new. Smart shopping when choosing a car is the best way to ensure low rates. Read more

The Secret to Choosing the Right Insurance Provider

There are tons of insurance providers out there. How do you sift through all the competing voices and find the right insurance provider for your needs? This blog post will give you the tools you need to select the best insurance for you.

The Features of Insurance Plans

Most insurance providers offer similar coverage and benefits, and most will cover pre-existing conditions and preventative services. What normally sets them apart are other factors:

  • Plan Categories: Many insurance providers offer different tiers of coverage within an insurance type. When you look at the different tiers, choose one that covers you fully without putting a strain on your wallet.
  • Provider Network: Some insurance companies often work closely with certain specialists, like doctors. You can get better deals on medical treatments if you work with doctors on the insurance company’s provider network.
  • Monthly Premiums: You will have to send your insurance provider a check (or premium) every month. The amount that you pay depends on your insurance provider and the tier of coverage you chose. You should find an insurance plan with full coverage for a low monthly premium, which is why you should always compare rates before buying insurance.
  • Out-of-pocket Costs: This is what you pay in addition to your monthly premiums, also known as the copay. It’s the percentage of any medical treatment or repair that the insurance company won’t help you pay for. Different insurance companies offer different amount, so compare out-of-pocket costs before buying insurance too.

The Guide to Choosing Coverage

Once you’ve identified the differences between the insurance providers around you, you need to decide what kind of coverage you need. Here’s how you do that:

  1. Identify what you absolutely need protection for. If your family is predisposed to a certain illness, or if you have a teenager that will start driving soon, you need to make sure your insurance fully covers all the risks associated with those scenarios.
  2. Don’t get more coverage than you need. Most insurance providers have some flexibility when it comes to choosing what your plans do or don’t cover. Don’t overbuy insurance. Find a plan that suits your individual needs, giving you the coverage you require at a price you can afford.
  3. Check the insurance provider’s network. Does it have dependable, reputable doctors and hospitals on it? Do you already have a doctor you trust? If you do, you’ll want to make sure that doctor is listed on the provider network.
  4. Check the details. How much will you pay out of pocket? Does the coverage extend to medications? What is the annual limit on coverage and services? Insurance companies do have limits for covering the cost of procedures. Make sure you have answers to all of these questions before you buy. As long as you ask questions and read the fine print, you shouldn’t have any illusions about what your insurance covers.

The Debate: Online vs. In Person

When you shop for your next insurance provider, should you do it online, or should you do it in person? There are advantages and disadvantages to both.

Online

When you shop online, you can compare providers and plans side by side in quick succession. You can quickly identify which plans provide the type of coverage you’re looking for, and you can select the companies you’re want more information from.

In Person

When you shop in person, you’re able to ask the insurance agent direct questions, and you’ll receive direct answers. You won’t have to worry about ambiguous language or missing information because you can just get clarification from the agent. However, this means that you won’t get to compare plans side by side, and you’ll have to deal with the agent’s loyalty to his or her insurance company—any responsible agent will try to sell to you.

The best way to shop for insurance is to start online, finding companies that you like, and then interview an agent at each of those companies to get full clarification. Only then can you can a truly informed decision.

The Alternatives

There are some situations where you don’t have to just choose one insurance provider. If you work with an insurance brokerage instead, you can mix and match different insurance plans with different insurance providers. Insurance brokerages also guide you through the entire process of finding a thorough, affordable plan.

Insurance brokerages like Thomson Schindle Green Insurance & Financial Services are dedicated to helping you protect what matters to you. If you would like to learn more about choosing an insurance provider, give us a call. We’d be happy to help.

Calgary Insurance: 403.723.9416

Medicine Hat Insurance: 403.526.3283

Brooks Insurance: 403.501.5123

4 Types of Insurance Every University Student Should Have

Like most Canadian university students, you’ve coasted off your parents’ insurance until now. Your job barely paid more than minimum wage, and you lived at home and used your parents’ car. Cost and convenience kept you on your parents’ plan, but now you have a real job and you live at school. You should probably take charge of your own finances now.

This means you need to think about insurance. You might not think you need it, especially if you take public transit and you haven’t had so much as a cold in years. However, if something did happen to you, you probably wouldn’t have enough money to pay for that disaster out of pocket. Insurance would give you a financial safety net in this situation.

Every university student needs the four types of insurance listed below. Make sure you leave enough room for them in your monthly budget.

  1. Health Insurance

As a young person, you probably experience very few medical problems. You have a stronger immune system, stronger metabolism, and overall stronger body than other age groups. You probably haven’t had a real illness in years, and you defeat colds with ease.

Since you manage to stay so healthy, you might think of health insurance as a waste of money. However, a university education can do things to your body that weaken its ability to stay healthy, including:

  • Not sleeping enough: Homework, parties, and other activities can keep you up all night. And the less you sleep, the weaker your immune system becomes. Your body doesn’t have a chance to repair and renew itself, so you become more susceptible to infections.
  • Not eating balanced meals: A poor diet also comes with the university experience. Students subsist off of microwave meals and boxed macaroni and cheese. You’ll eat a lot of carbs, starches, and fats, so you’ll probably gain weight. This weakens your immune system as well, and it puts strain on your organs and systems, leading to all kinds of health problems. For example, these foods could lead to you needing your gallbladder removed.
  • Drinking caffeinated beverages: Caffeinated sodas, coffee, and tea can all have negative effects on your body. Even non-caffeinated sodas and juices can have a detrimental effect, since their acids can wear away at your stomach lining, which could cause ulcers.
  • Not exercising enough: Between class, homework, social activities, eating, laundry, and sleeping, you won’t have a lot of time for exercise. Some students even find that they stop exercising altogether, which leads to weight gain.

You’ll need health insurance just in case these things make you ill. You’ll also need health insurance in case you sustain injuries while hiking, partying, or participating in other activities. So don’t just brush getting this insurance aside—it could seriously help you if something happened.

  1. Renters’ Insurance

Most university students live in rental units during the school year. You don’t have to pay for any repairs or upgrades in the rental unit, so you might assume that you don’t need renters’ insurance.

First, let’s clear up some misconceptions about renters’ insurance. It doesn’t cover repairs unless you caused the damage and would have to pay for them anyway. It does cover other things, such as all the property you store inside your apartment.

Imagine if a thief broke in and stole your TV or laptop. Think about what you would do if your roommate left the stove on and burned the apartment down, destroying all your belongings. You would have to pay hundreds or thousands of dollars to replace everything you had lost.

If you had renters’ insurance, you wouldn’t have to worry about this expense. Your insurance company would pay for everything for you. Additionally, renters’ insurance doesn’t cost much. You can often bundle it with your car insurance, which makes it even cheaper.

  1. Homeowners’ Insurance

Not every university student lives in a rental unit. Some have enough money to purchase homes. If this situation applies to you, then you shouldn’t procrastinate on getting homeowners’ insurance. Like renters’ insurance, this insurance covers the property inside your home should theft or damage occur. However, home insurance does far more than that.

It also protects the home’s structure and yard from damage or destruction. Homes cost hundreds of thousands of dollars, and you don’t want to have to rebuild one.

Students can benefit from their parents’ home owners insurance policies that extends to cover them while they are enrolled in and attending post-secondary education. As soon as they are done, the parents’ home owners insurance no longer covers them. The coverage will vary from one insurer to another so it’s a good idea for students to get advice from their insurance advisor as to what and if their parents’ policy covers them.

Homeowners’ insurance also covers you in case someone sustains injuries on your property. Even if a person just trips on the sidewalk, he or she could still sue you for damages incurred. This insurance will give you a financial safety net if a person like this actually sues.

  1. Automobile Insurance

If you walk or take public transit, then you don’t need this kind of insurance. However, most university students find it useful to own a car. It helps them travel efficiently from place to place, and it gives them the flexibility to go home on weekends. You won’t have to ask anyone for rides to parties or grocery stores.

If you do own a car, you’ll need auto insurance to protect you in case an accident happens. Even if you drive responsibly, someone else could crash into you. And if you accidentally damage someone’s car or property, you’ll need car insurance to protect you from the resulting expenses.

Even if you’re a university student, insurance matters. Talk to your insurance broker a TSG Insurance & Financial Services Ltd. to find the best insurance solutions for you.

For more insurance and financial planning services, please contact our insurance brokers at one of our 3 locations:

Medicine Hat Insurance: 403.526.3283

Brooks Insurance: 403.501.5123

Calgary Insurance: 403.723.9416