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.

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.

Life happens.

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.

Transition Boomers — those ages 55 to 65 and closing in on retirement — are more interested in protecting their retirement savings with a guaranteed return even though they realize the stock market may offer better returns over the long haul, according to to a recent survey.

87% say they'd be more interested in a financial product with a 4% return, which is guaranteed not to lose value, over one with an 8% return but which is subject to market downturns.

Despite this, only 25% say they currently own an annuity, a product that can help answer the demand for guarantees, largely because they don't feel comfortable with them, it seems.

75% of admit to a general lack of understanding, saying either “there’s a lot about annuities I’m not sure about” (37%) or “I haven’t got a clue” (38%).

And that's too bad, according to a recent C.D. Howe Institute report, which suggests that more Canadians approaching retirement should be looking at annuities.

It seems that Canadians are investing in their retirement a little more than usual.

Now that the RRSP contribution deadline has passed, BMO Bank of Montreal released a study which revealed that 63 per cent of those polled made or had planned on making a contribution to their RRSP before the March 1 deadline.

That's an increase over the previous year when only 38 per cent indicated they were contributing.

So what's the logic behind stashing away your cash now for your golden years ahead?

You would think that life slows down in retirement.

But in fact, according to a new report by BMO Bank of Montreal, Canadian retirees are busier than ever. 

There's not enough hours in a day for all the activities retirees have these days.

The report revealed that more than one-third of those polled have more activities than time in which to do them and one in three admit that retirement is more expensive than they expected.

However, 82 per cent say they are happy with their current lifestyle.

Thinking about the future -- especially retirement -- isn't always at the top of the list when you're young.

Many young Canadians are living for the moment and looking for instant gratification. They already have a lot on their plate to worry about including graduating, funding college or university, and acquiring a good job in today's highly competitive job market. 

So it's no wonder they feel unprepared financially for retirement...it just seems like such a long way ahead in the future.

A new report from BMO Bank of Montreal reveals that 80 per cent of Canadians between the ages of 18 and 34 are concerned about their ability to save for retirement.

That's just one more thing to add to their growing list of worries.

Between 2006 and 2011, the number of same-sex married couples nearly tripled, according to the most recent census data.

As a result, demand for specialized financial services has also increased, as thousands of LGBT individuals strive to get their financial houses in order and deal with complicated issues such as income splitting and estate planning.

But advisors anxious to serve this growing market say that traditional financial planning software doesn’t adequately meet the needs of such couples, the Financial Planning Association reports.  

Do you have questions about retirement planning? How to protect your
family? Want to know more about Money for Life™?

For answers to these and other financial questions, check back here on Oct. 23 at 8 pm ET for an online LIVE Q&A session with a Sun Life Financial advisor. Sun Life's advisor will take your questions and provide you with insightful information and valuable considerations, in a no-pressure environment.

Have you thought about the future when it comes to your pets?

The bond between people and their pets runs deep, so it's only natural that pet owners should be concerned about what will happen to their charges should they die or can no longer care for them.

Hopefully, a relative or close family friend will jump right in, particularly if you've already broached the subject with them.

But, emotions aside, be careful who you chose for the task, warns Doug Carroll, vice-president, tax and estate planning at Invesco Trimark.

For instance:

• Does the person have the disposition to be a pet owner?
• Would their schedule allow for adequate care?
• What about travel and vacations?
• Are they physically up to the task?
• Are there any safety issues, particularly with regards to young children?
• What about allergy issues?

And then there's the hundreds of dollars in annual care, of course.