What Happens if Someone Bought Life Insurance and Their Family Didn’t Know It?
By: Christy Bieber |
Updated
July 23, 2023– First published on July 23, 2023
Buying life insurance protects loved ones. If someone dies while their spouse or other family members are relying on their income or services, this could be a huge problem. Once the deceased person’s paychecks stop being deposited into a shared checking account, surviving loved ones could be left with a serious financial shortfall. Life insurance protects against a financial disaster when an untimely death occurs by providing a death benefit to chosen beneficiaries. A predetermined sum of money is paid out to those left behind, which can be used to repay debt or replace the deceased person’s income.Generally, it falls to the surviving beneficiaries to make a life insurance claim after a death. But, what if the family members of an insured person didn’t know there was coverage in place? Here’s what can happen in these situations. The life insurer might search for beneficiaries Life insurance companies may have certain obligations to try to determine when a covered person has died. The National Council of Insurance Legislators adopted a Model Unclaimed Life Insurance Benefits Act in 2011, and many states have adopted this act or have similar regulations in place.Under this act, life insurers must periodically search a database maintained by the Social Security Administration, called the Death Master File. If the insurer identifies a deceased policyholder in this database and the policy has not been claimed, the insurer is expected to identify the beneficiaries and pay the death benefit to them within 90 days.Even in states that do not have this legislation, many life insurers still choose to follow this process anyway. And some insurers have also adopted a rule that people are assumed deceased after 120 years (or are assumed dead at another designating “limiting age” as outlined by the insurance policy). If a policy has gone unclaimed when the covered person reached the “limiting age,” the insurer would pay the death benefit then. The money may be turned over to the state If a life insurance policy goes unclaimed for long enough — perhaps because the insurer could not find any beneficiaries that the deceased had chosen when buying coverage — then the money from the policy may be turned over to the state.States may try again to find the rightful beneficiaries of the policy, but eventually the unclaimed money will go to the state treasurer if no one steps forward with a legitimate claim to receive it. Obviously, no one wants the state to get the insurance benefit they paid for. And, most people don’t want their surviving loved ones to have to wait to get an insurance payout until the life insurer happens to discover a death and find the beneficiaries. To make sure this doesn’t happen, those who buy life insurance should tell their families ASAP. Life insurance buyers may also wish to tell another trusted third party, such as a lawyer who is helping them with estate planning. By keeping loved ones fully informed, life insurance buyers can ensure their closest friends and family members will have the money they need during a hard time in their lives.
5 Things That Are Always Worth Buying at Costco
By: Dana George |
Updated
July 20, 2023– First published on July 20, 2023
I’ve had a Costco membership since the U.S. invaded Grenada (1983, for all you history buffs). Through the years, I’ve seen plenty of my favorites come and go. However, there are some items I can count on to be available anytime I shop. Not only do these five products stick around, but they are legitimately worth every penny I pay.1. Bed sheetsIf you happen to notice that people you run into seem a little crabby, it may be because they’re not giving their bodies enough time to rest. According to Gallup, Americans sleep, on average, 6.8 hours a night. That’s one hour less than we slept in 1942, and less than the seven to nine hours recommended by experts. You know how toddlers fuss and stomp their feet when they’re tired? We adults do the same thing.All that to say, sleep is vital, and because I know how miserable I am when I cheat myself out of rest, I’m all about having a comfortable bed. For me, a comfortable bed begins with a great set of sheets.Costco is where it’s at when looking for soft, comfortable sheets that won’t empty your checking account. For example, Costco’s Hotel Signature 800 Thread Count 6-Piece Queen set is $100. What’s great about 800 thread count sheets is that they’re soft and dense, two great features if you’re looking for luxury.In comparison, Amazon’s Hotel Signature 800 Thread Count set is $135.You might not always find the set you want at Costco, but it pays to check. Besides, if you’re in the store, you can feel around until you find the ones that make you want to crawl into bed for some shut-eye.2. Rotisserie chickenThere are plenty of reasons shoppers snap up Costco’s delicious rotisserie chicken. For one, they’re perfectly seasoned, and at roughly three pounds, they can feed a family. Oh, and they’re also only $4.99. What’s not to love about serving a picture-perfect chicken rather than slaving over a hot stove? Heck, a few aisles away, you can pick up all the sides you need to round out the meal.To give you an idea of what a bargain these are, we check a couple of other stores famous for their ready-to-serve rotisserie chicken. Jewel-Osco’s version (which is also delicious) is $6.99, and Walmart’s is $6.97.3. Kirkland Signature Flex Tech 13 Gallon Kitchen Trash BagYou know what I can’t stand? Paying for trash bags. The idea of handing over money for a product that’s going to, literally, end up in the trash is more than my savings-obsessed heart can handle. Even worse is when a trash bag leaks all the way from the kitchen to the garage.With that out of my system, these Flex Tech bags truly are the best. You can get 200 bags for $21.50. That’s less than $0.11 per non-leaky bag. And when they say “flex,” they mean flex. These things can hold far more than you might expect, which is what I want.In contrast, Walmart’s Great Value trash bags cost a little over $0.15 a piece. Home Depot’s Flex Pro 13 gallon bags are over $0.13 each, and the Amazon Basic Flextra trash bags run $0.20 a piece.4. Kirkland Signature Baby WipesMy boys graduated from college and started families of their own years ago, and yet I continue to purchase baby wipes. For me, they’re the Swiss Army knife of quick cleanups. For example, last weekend, my husband and I visited family in a nearby state. As we were driving home, he spilled coffee all over his pants.No problem. Cleaning up was as easy as reaching behind the passenger seat for a package of baby wipes. They’re just wet and thick enough to clean a mess. Wet wipes are also great for cleaning sticky fingers, wiping down dogs who smell a little too “earthy” after rolling in the grass, and even cleaning mud off floor mats.And here’s the deal: You get 900 baby wipes for $22 at Costco. That’s less than $0.025 each.5. Shelled pistachiosPeople have been eating pistachios for thousands of years. In fact, archaeologists believe mankind began eating them as early as 7,000 B.C. However, it wasn’t until the mid-19th century that they came to the U.S.As long as your stomach can handle the pistachio seed, there are tons of health benefits, including:High levels of potassium and unsaturated fatty acids, both with antioxidant and anti-inflammatory properties.May lower your chances for cardiovascular disease.Full of fiber and minerals.Can make you feel fuller longer.Adds good bacteria to your gut.Plus, you don’t even have to shell them yourself because it’s already been done for you. If you’re a snacker like me, pistachios can be a healthier option.Kirkland Shelled Pistachios cost a little under $0.71 per ounce. At Walmart you’ll pay $0.98 an ounce, and at Target you’ll shell out $0.96 an ounce.Naturally, saving money is important, but it’s not the only consideration. Your favorite Costco items are likely to be the things you use regularly and can’t imagine buying anywhere else because they work so well for you.
10 Member’s Mark Products That Sam’s Club Shoppers Rave About
By: Brittney Myers |
Updated
July 21, 2023– First published on July 21, 2023
It’s one thing to talk about how discount and warehouse stores can save you money and help your finances. It’s another thing entirely to think about whether those savings are worth it.Rarely is it worth it to sacrifice on the quality of a product — and, more importantly, your quality of life — for a few pennies (or even a few dollars). And I think we’ve all learned that lesson the hard way.That’s why I was thrilled to discover for myself how well Sam’s Club and its Member’s Mark house brand bucked the trend. You really can save money and maintain a high level of product quality. I’m hardly the only Sam’s Club shopper to think so, either. Here are some of the items reviewers love.1. Member’s Mark Ultra Premium Soft & Strong 2-Ply Toilet PaperDetails: 45 rolls, 235 sheets per rollCost: $22.98 ($0.02 per sheet)Rating: 4.9 stars from 83,878 reviewsHow it comparesCostco: Kirkland Signature toilet paper costs $0.03 per sheetWalmart: Great Value toilet paper costs $0.03 per sheetTarget: Up & Up toilet paper costs $0.02 per sheet (but only has 4.6 stars)2. Member’s Mark Super Premium 2-Ply Select & Tear Paper TowelsDetails: 15 rolls, 150 sheets per rollCost: $19.98 ($0.02 per square foot)Rating: 4.9 stars from 69,717 reviewsHow it comparesCostco: Kirkland Signature paper towels cost $0.02 per square footWalmart: Great Value paper towels cost $0.04 per square footTarget: Up & Up paper towels cost $0.03 per square foot3. Member’s Mark Power Flex Tall Kitchen Trash BagsDetails: 13 gallon, 200 countCost: $18.98 ($0.095 per bag)Rating: 4.8 stars from 21,007 reviewsHow it comparesCostco: Kirkland Signature tall kitchen bags cost $0.11 per bagWalmart: Great Value tall kitchen bags cost $0.165 per bagTarget: Up & Up tall kitchen bags cost $0.17 per bag4. Member’s Mark Deluxe Mixed Nuts with Sea SaltDetails: 34-ounce packageCost: $12.48 ($0.37 per ounce)Rating: 4.8 stars from 11,243 reviewsHow it comparesCostco: Kirkland Signature deluxe mixed nuts cost $0.40 per ounceWalmart: Great Value deluxe mixed nuts cost $0.59 per ounceTarget: Good & Gather deluxe mixed nuts cost $0.57 per ounce5. Member’s Mark Fair Trade Certified Donut Shop CoffeeDetails: Single serve cups, 100 countCost: $27.98 ($0.28 per cup)Rating: 4.7 stars from 9,365 reviewsHow it comparesCostco: Kirkland Signature Breakfast Blend pods cost $0.33 per cupWalmart: Great Value Donut Shop pods cost $0.271 per cupTarget: Good & Gather Donut Shop pods costs $0.52 per cup6. Member’s Mark Salted Sweet Cream ButterDetails: 4 1-lb packagesCost: $12.68 ($3.17 per pound)Rating: 4.9 stars from 6,614 reviewsHow it comparesCostco: Kirkland Signature salted butter costs $2.98 per poundWalmart: Great Value salted butter costs $3.68 per poundTarget: Good & Gather salted butter costs $3.79 per pound7. Member’s Mark Hotel Premier Luxury Bath TowelDetails: Assorted colorsCost: $6.98 per towelRating: 4.8 stars from 5,051 reviewsHow it comparesCostco: No Kirkland Signature towels, bath towel prices start at $12.99 each onlineWalmart: Hotel Style bath towels cost $11.74 eachTarget: Threshold Signature bath towels cost $11.20 each8. Member’s Mark 4-Shelf Industrial Storage RackDetails: Metal, 2,500 lbs per shelf capacityCost: $219.98Rating: 4.8 stars from 3,511 reviewsHow it compares(The usual suspects don’t carry this product online. Compared with home improvement brands.)Lowes: Kobalt metal racks start at $279 eachHome Depot: Husky metal racks start at $279 each9. Member’s Mark Aller-Zyr, Cetirizine HCl, 10 mg., AntihistamineDetails: 400 countCost: $15.98 ($0.04 per tablet)Rating: 4.9 stars from 2,023 reviewsHow it comparesCostco: Kirkland Signature Aller-Tec costs $0.04 per tabletWalmart: Equate cetirizine HCl costs $0.119 per tabletTarget: Up & Up cetirizine HCl costs $0.16 per tablet10. Member’s Mark Chicken Jerky Recipe Dog TreatsDetails: 48 ounce packageCost: $24.98 ($6.25 per pound)Rating: 4.8 stars from 1,839 reviewsHow it comparesCostco: No comparable treat for sale onlineWalmart: Ol’ Roy Jerky Sticks (beef) cost $3.51 per poundTarget: Kindfull Chicken Jerky treats cost $14.98 per poundCompound the savings with sales and rewardsWhat makes many of these prices so interesting is that they aren’t sale prices, but regularly listed prices. So that leaves you a lot of room to get even more savings by stocking up when Sam’s Club runs one of its many, many sales and deals.And don’t forget about rewards. If you’re a Sam’s Plus member, you’ll earn 2% back on your purchases.Of course, you don’t need an upgraded Sam’s Club membership to earn rewards on your warehouse buys. Pay with one of our favorite rewards credit cards and you can earn a ton of cash back. Plus, that cash back will stack with any other deals or rewards for which you’re eligible!
4 Better Ways to Spend $2 Than Buying a Powerball Ticket
By: Emma Newbery |
Updated
July 21, 2023– First published on July 21, 2023
3. Pay off high-interest debtIf you carry a balance on your credit card, paying it down is a reliable way to improve your financial situation. Unless you’re using a 0% intro APR credit card, the interest can compound in the same way the assets did in the table above. Only in the case of debt, it can accrue faster and it will work against you rather than for you.The difficulty is that, depending on how much you owe, becoming debt free can seem like an impossible task. Buying a lottery ticket may seem like an easier solution, if it wasn’t such a long shot. Instead, make a debt repayment plan and put the money you would have spent on lottery tickets toward your balance. If you can pay more, so much the better.The average credit card interest is around 20%. Let’s say you owe $500. If you pay $25 each month toward that debt, our credit card payoff calculator shows that you could pay it off in 25 months. You’d still pay over $100 in interest, but you’d pay a lot more if you only made minimum payments on that debt.4. Do something funSome people enjoy the thrill of buying a lottery ticket and may think that $2 is worth it for the excitement. Depending on what floats your boat, that lottery ticket money could pay for a less fleeting form of entertainment. True, high living costs mean $310 over a year doesn’t go that far. But it could pay for a couple of nights in a hotel or some nice meals out. It would certainly fund a couple of movie nights or cover a class to learn a new skill.Bottom lineThe attraction of possibly winning millions of dollars or more from a $2 powerball ticket is clear. The thing is that there are much more reliable ways to build wealth. According to a study by Ramsey Solutions, 75% of millionaires put their success down to investing consistently over time. Why not use your lottery ticket money to follow in their footsteps?
This $8 Addition to Costco’s Bakery Is Getting Rave Reviews
By: Maurie Backman |
Updated
July 21, 2023– First published on July 21, 2023
Costco is known as a source for bulk grocery items and household essentials. But if you shop there often enough and tend to frequent the bakery section, you might also draw the conclusion that Costco’s cakes, cookies, muffins, and assorted surgery items not only offer great value for your money, but are downright delicious.Costco has done a particularly good job of introducing new products to its fresh baked goods lineup this year. It’s added a sinfully rich peanut butter pie and a lemon meringue cheesecake that’s been described as “almost 4 pounds of heaven.” And now, Costco has another yummy offering on hand — and at a price so low you might think it’s too good to be true.Introducing Costco’s latest bakery creationCostco’s latest bakery item is a sour cream butter pound cake. And while it may not exactly be the healthiest thing you bring home from Costco this month, if you need a dessert for a picnic or barbecue, it may be worth picking up. That’s because in true Costco fashion, you get a generous-sized pound cake at a price point of just $7.99 (though do note that Costco prices can vary by region, so the cost of this creation might vary depending on your geographic area).So far, Costco fans seem to be enjoying their sour cream butter pound cake. Reviews posted to various social media sites have been singing the cake’s praises. So if you’re someone who enjoys pound cake, you may want to give Costco’s version a try.Is Costco’s sour cream butter pound cake worth your money?It’s easy to make the argument that a giant cake is worth $7.99 — at least in theory. But the reality is that if you don’t end up consuming all of it, you may not end up saving money, but rather, wasting money.In fact, that’s a risk any time you buy perishable food from Costco in bulk, whether it’s baked goods, a prepared meal, or even something like produce that may not last for more than a few days beyond when you bring it home. So as is the case with any Costco purchase you make, you’ll need to ask yourself whether you really think you’ll consume the entire sour cream butter pound cake.If you have an event where you’re tasked with bringing dessert, then this may be a no-brainer purchase. But buying a sour cream butter pound cake to enjoy yourself could backfire on you — either in the form of wasted food (and money) or a very severe stomach ache.The nice thing about Costco’s bakery department is that you can load up on delectable desserts without running up a huge credit card tab. But you’ll want to make sure those desserts are likely to be eaten before they go bad.Of course, there’s always the freezer option, which may be one you’d like to exercise if you want to try Costco’s latest bakery creation but don’t have an event coming up. Just do yourself a favor and freeze leftover portions individually. Otherwise, you might end up having to defrost half a cake in one fell swoop, thereby risking the problem of food waste all over again.