Good morning. Not every financial wake-up call is bad news. Sometimes it's a cheque you didn't know was coming. Sometimes it's a number that makes you rethink your timeline. And sometimes it's someone else's hard lesson that lands at exactly the right moment. Today we've got all three.
On The Money Today:
Sun Life's $213.5 million settlement — and how to check if your policy entitles you to a share
Whether $400K in savings at 50 is actually enough to retire by 60
What happens when buying a home with family goes wrong and what to do before it happens to you
Let's get into it.
If you held a life insurance policy in the 1980s or 1990s, there's a settlement with your name potentially on it. Sun Life has agreed in principle to distribute up to $213.5 million to resolve a decades-old class action tied to legacy MetLife policies — and many eligible policyholders may not even know their old policy qualifies. Here's what to check and what to do next.
SPONSORED BY PolicyMe
Global life insurance premiums are set to increase at an annual rate of 3% in 2025 and 2026, according to a report by Swiss Re Institute.
If you have life insurance in place – especially a term policy – it may be worth comparison-shopping to find a more affordable option. You can typically cancel a term life policy without incurring any penalties.
Young families and busy professionals looking for fast and affordable insurance can easily connect with PolicyMe and get term life insurance in just a few clicks, with no medical exams or blood tests.
With PolicyMe, you can get life insurance coverage from $100,000 to $5 million, starting at around $21 per month. Couples receive 10% off in the first year. There are no hidden fees or fine print — just clear and flexible coverage you can trust.
At 50, retirement stops feeling like a distant plan and starts feeling like a deadline. If you've got $400K saved and an eye on the exit at 60, the honest answer is: it depends — and the details matter more than the number. Here's what the math actually looks like, and what it means for your plan.
Pooling resources with family to buy a home can make financial sense — until the agreement falls apart and there's nothing in writing to protect you. That's exactly what happened to Ruth, whose multigenerational living arrangement unravelled after her father-in-law died and her mother-in-law stopped paying her share. If you're considering a joint purchase with family — or already in one — her story is one everyone needs to read before closing on anything.
MONEY IQ
How much audio does an AI voice cloning tool need to create a convincing imitation of someone's voice?
ALSO MAKING THE ROUNDS TODAY
NEWS: More than 1 in 10 people are now living below the poverty line — food and shelter costs are a big part of why, and there are steps you can take to stay afloat
INVESTING: Warren Buffett admitted he sold his Apple stake too early — and the lesson applies directly to how you should manage your own portfolio
NEWS: AI can now clone a family member's voice to drain your bank account and here's what you need to know to stay protected
NEWS: A lawsuit claims Shein clothing contains toxic chemicals at thousands of times the safe limit and what Canadian shoppers need to know before their next order
MONEY IQ ANSWER
Answer: B
Today's AI voice cloning tools only need about 30 seconds of audio to produce a convincing imitation — and that sample can come from anywhere: a social media video, a voicemail greeting or a video call. Realistic cloning tools are widely available online for less than $5 a month, making this one of the fastest-growing fraud threats targeting Canadians.
That's a wrap for today! Before you go, we'd love to know what you thought of today's newsletter. Hit REPLY if you have more to share — we read every reply.
