Question—I am taking advantage of your offer of personal investment service by asking your opinion of what you would consider the best investment for me to make in order to have a good income at about the age of 65. I am a married man; my wife and I are 43 years of age: we have no dependents; we own our own home, but have no money put away. I would like lo invest my savings in bonds or insurance, or annuity and would be glad of some suggestions from you.—G.7., Saskatchewan.
Answer—In my opinion you should consider life insurance as an initial investment. A twenty payment life plan, an endowment policy or one of the investment policies issued by Canadian companies would suit your purpose, as such a
policy would mature about the time your earning power is spent, or when you are prepared to take your leisure. I would suggest that you write to one or other of our leading Canadian insurance companies and ask for a plan suited to your position.
Question—Please give me your opinion of the Union Mutual Casualty Company, Des Moines, Iowa. This company advertises a very attractive policy in the local paper.—72.V., Southern Ontario.
Answer—The Union Mutual Casualty Company of Des Moines, Iowa, is not licensed to transact business in Canada, and consequently we do not favor placing insurance with this company. It does not maintain deposits with the Canadian Government for the protection of Canadian shareholders, and any dispute arising out of a claim has to be settled in the courts of the United States. The Canadian policyholder is under a handicap, which we do not think wise to assume.
Question—Please advise me as to the standing of the Com mercial Life Assurance Company of Canada.—W.L., Calgary.
Answer—The Commercial Life Assurance Company of Canada is a sound company, licensed by the Department of Insurance at Ottawa to transact business in Canada. You may safely entrust your ¡ business with this company.
Subscribers to MucLcan’s Magazine desiring advice in regard to Canadian industrial investments, or life insurance problems, will be answered freely. Enquiries should be addressed to the Financial Editor of MacLean’a Magazine and a stamped, addressed envelope enclosed.
If your enquiry concerns insurance, please give full details of your own financial and family position, so that definite and individual suggestions can be given.
The story you want is part of the Maclean’s Archives. To access it, log in here or sign up for your free 30-day trial.
Experience anything and everything Maclean's has ever published — over 3,500 issues and 150,000 articles, images and advertisements — since 1905. Browse on your own, or explore our curated collections and timely recommendations.WATCH THIS VIDEO for highlights of everything the Maclean's Archives has to offer.