Demutualization benefit

[scott craven]

If you happen to get what looks like a piece of junk mail with a check attached, don't throw it away. Apparently over 600,000 people in Canada got this benefit. Something to do with insurance restructuring.

 

[Totally unexpected]

Snail mail or email?

 

[scott craven]

Snail

 

[tinboatrobb]

i got one and took it to the bank, it is legit. 2024$ free money in the mail. almost tossed it.

 

[scott craven]

i got one and took it to the bank, it is legit. 2024$ free money in the mail. almost tossed it.

Lol me too !

 

[pescador]

And what would it be for?

 

[scott craven]

Excess auto insurance held with private insurers.

 

[PIG HNUTRER]

Wife got one for $1655 she purchased family car insurance

 

[Drink]

Great news for some. The only issue is that approx. 36% is to be taxed as an eligible dividend and the remaining as an ineligible dividend. Still good news but not entirely tax free. Based on 2020 about $500-600?

 

[Tips Up]

Seems like everyone got one but me.

 

[Bill 310]

This came about because of Economical Mutual 's demutualization. It is changing from a Mutual (policyholder owned company) to a Stock Company. This happened to the majority of Canadian Life Insurance Companies. Sun, Manulife, Mutual , Maritime the list goes on.

Economical is the first of the P&C (Property and Casualty ) companies to do this, they won't be the last.

The cynic in me thinks policyholders lose out in the long term, and executive comp increases.

My wife and I both got cheques.

 

[Claymaker]

Seems like everyone got one but me.

me to I wanted new fishing rod haha

 

[wildmanyeah]

“Short term payments for loss of membership rights are soon recouped through higher costs and lower benefits in a proprietary firm.”

 

[Stosh]

Nice surprise Christmas present eh. I’m thinking it’s a token gesture that will come back to bite us.

 

[tinboatrobb]

Stosh, stay positive man. Lol, I did tell my wife that we may pay for this down the road.

 

[scott craven]

The world could end tomorrow, I'll take the free money while I still can!

 

[PlugLife]

This came about because of Economical Mutual 's demutualization. It is changing from a Mutual (policyholder owned company) to a Stock Company. This happened to the majority of Canadian Life Insurance Companies. Sun, Manulife, Mutual , Maritime the list goes on.

Economical is the first of the P&C (Property and Casualty ) companies to do this, they won't be the last.

The cynic in me thinks policyholders lose out in the long term, and executive comp increases.

My wife and I both got cheques.

I had a policy 4+ years ago and since switched from Family to Intact and still got a check for 1200 bucks! 'Twas a Christmas miracle

 

[tubber]

I'm happy for you people, but the question is if you bought life insurance and didn't die, how much did you really make?

 

[PlugLife]

I'm happy for you people, but the question is if you bought life insurance and didn't die, how much did you really make?

A lot

 

[absolon]

I had a life insurance policy with Manulife when they demutalized. I received about $35K in Manulife shares as a result of the process.