Millions of dollars in life insurance goes unclaimed each year for one simple reason: the beneficiaries simply don't know the money exists.
Even in this wired age, if the insurance company can't locate the beneficiary — or for that matter, even ascertain that the policyholder has died — that money will go unclaimed, eventually being turned over to the public purse, Consumer Reports reveals.
Sometimes it's a communication problem. All too often, however, people buy life insurance and don't let their beneficiaries know about it. But Consumer Reports argues that insurance companies know that policies sometimes go astray and may not be working as hard as they might to find beneficiaries.
If you know or suspect that a particular insurer underwrote the policy, contact that carrier’s claim office by phone or online. If you don't get a positive response, don't give up. Many companies have an ombudsperson to contact, for instance.
According to the BMO Housing Confidence Report, nearly half of Canadian homeowners intend to buy a property in the next five years signalling a high level of confidence in the housing market.
Despite reports of a cooling down in market, in our eastern Ontario neighbourhood 'For Sale' signs are popping up everywhere. The houses are only staying on the market a few weeks -- if that.
It seems that everyone on our street is catching the moving bug after witnessing their next-door-neighbours packing up and heading for larger homes in desirable neighbourhoods.
When it comes to talking about money, somebody in the family has to take charge. And, more often than not, that likely to be mom.
Mothers are more likely than fathers to have in-depth financial discussions with their adult children on topics ranging from health care needs to living expenses in retirement, according to a recent study from Fidelity Investments.
Mothers describe themselves as “the empathizer” in the family while more than half of fathers see themselves as “the pragmatist” when discussing finances with their children.
Despite a general reluctance to talk about money in the first place within most families, the survey found 64% of mothers said it's “not at all difficult” to at least start a conversation with their child about their savings and investments, compared with 54% of fathers.
Well, if you have a previous criminal record you may want to double check that record before your prospective employer does.
According to Pardon Applications of Canada, those Canadians who received an absolute or conditional discharge prior to July 24, 1992 may find they still have a criminal record attached to their name.
Regardless of gender or education level, most people become considerably less literate when it comes to handling money issues after age 60, according to a recent study.
The result is that retirees with significant cognitive deficits will have problems making sound financial decisions. They may make investment mistakes that cause losses in their retirement accounts that will reduce their retirement incomes and standards of living.
Or, even worse, unscrupulous advisors might take advantage of them by selling them inappropriate investments, or one with excessive commissions -- something that's more more easily done when decision-making abilities and the grasp of financial concepts are diminished.
Canadian snowbirds may soon be able to spend as much as two months more nesting down south next year.
U.S. legislation now being debated in Congress would allow Canadians aged 55 and older to spend up to 240 days in the country without a visa, almost two months longer than the current 182-day annual limit.
The provision is not yet law, but it has the backing of New York Senator Charles Schumer, a legislator who has long been keen on finding ways to get more Canadians spending their dollars across the border.
And with the Victoria Day long weekend upon us many Canadians have turned their thoughts to adventure and warmer climates.
Even though there's a lot of excitement about upcoming fun in the sun trips, travellers have three top worries while away: the weather, losing something important and requiring medical attention.
According to a study by BMO Insurance, 83 per cent of Canadians are planning on taking a vacation this summer however, only half actually purchase travel insurance.
And with it, so do unforeseen hardships.
That's why it is always good to be proactive and have a plan.
A new report by BMO Wealth Institute reveals that while many Canadians have a financial plan in place, very few have considered what would happen if unexpected life events arose that could cause financial hardships.
While some would argue that Canada has gone to great lengths to unite families in the past, those day are gone, it seems.
The federal government is making it harder for Canadian families to bring their parents and grandparents from abroad. Those seeking to bring older family members to settle in Canada will need to have higher incomes and agree to financially support their extended families for much longer.
The new rules will increase the minimum income requirement for sponsoring a parent or grandparent by 30%, double the sponsorship undertaking period from ten to twenty years, and reduce the maximum age of a dependent to 18.