Canada Life announces first-of-its-kind charitable giving product, empowers Canadians to leave a legacy
A one-time premium payment participating life insurance product that connects to your values and makes it easier for you to give back and make a difference.
Video Transcript:
Description: This video combines stock video, animation and text on screen along with a narrator and music to talk about Canada Life My Par Gift life insurance.
Description: Video opens with a shot of an older and younger person holding hands. The Canada Life logo appears over this shot.
Narrator: Your goal of giving to charity is to make as big an impact as possible.
Description: Opening scene transitions to sliding images of women holding books in a library, then to a child hugging a medical professional in a hospital, then to a solid background. Words “Canada Life My Par Gift” appear on screen while an animated line traces a heart around the words.
Narrator: Canada Life My Par Gift life insurance helps you do that. It’s simple, unique and innovative participating life insurance.
Description: The words “simple, unique and innovative” appear on screen.
Narrator: Backed by the strength and stability of Canada Life, where charitable giving is a cornerstone of our corporate philosophy.
Description: More still photos slide across the screen including a Canada Life employee volunteer building a home, Canada Life employees cutting a ribbon, and Canada Life employees with a big cheque giving to a medical foundation. The solid background returns and the animated line starts tracing across the screen.
Narrator: My Par Gift life insurance lets you make a one-time premium payment donation that provides an immediate tax credit.
Description: The animated line draws a cheque and the words “One-time premium payment donation” appear on screen. The animated line turns into a pen signing the cheque and the words “Immediate tax credit” appear on screen.
Narrator: And that can grow into an even larger donation over the policy’s life.
Description: The animated line draws a hand holding a seedling.
Narrator: It’s also more flexible for the charity who owns and controls the policy.
Description: The animated line becomes a small tree that grows into a larger and larger tree.
Narrator: Make your mark. Donate today and grow your impact tomorrow with My Par Gift life insurance.
Description: The words “Learn more by talking to an advisor” appear on screen.
Narrator: Learn more by talking to an advisor.
Description: Canada Life logo appears along with the words: Canada Life and design are trademarks of The Canada Life Assurance Company. Canadalife.com 1-888-252-1847
New participating life insurance product designed to support charities is the first available in Canada
Winnipeg, MB, March 30, 2023. . . Canada Life announced today the launch of a new, first-of-its kind in Canada, participating life insurance product designed for charitable giving. It gives clients the ability to choose a registered charity who will be both the owner and beneficiary of the policy.
This innovative product, called My Par Gift, addresses the needs of both a client who wants to support a charity and the chosen registered charity. It provides clients with a simple, one-time payment option that is eligible for a donation tax receipt. The registered charity becomes the owner and beneficiary of the fully paid policy and all of its associated benefits.
“At Canada Life, we’re always looking for impactful ways to build stronger communities by helping our clients, while also supporting charities at a time when they need it most,” says Paul Orlander, Executive Vice-President, Individual Customer, Canada Life. “This new product connects to these values, making it easier for clients to give back to the causes they care about. With no future payments or commitments, the one-time payment is all that’s needed to see the benefits of goodwill.”
This is the first product available in the Canadian insurance market designed solely for charitable giving. It gives clients the opportunity to create a legacy, while giving charities complete control and flexibility over the policy.
“The social good this product will do for Canadian charities cannot be understated,” says Ruth MacKenzie, President & CEO, Canadian Association of Gift Planners. “Life insurance has always been a powerful tool for Canadians to protect their families and now that impact can be extended to support their most-loved causes, while also taking advantage of Canada’s favourable tax, financial and estate planning system.”
Starting March 30, any Canadian looking to leave a legacy can take advantage of this exclusive new product by connecting with an advisor. Learn more at CanadaLife.com.
About The Canada Life Assurance Company
Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For 175 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made.
On January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life, and today, we proudly serve approximately 12 million customer relationships from coast to coast to coast.
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For more information contact:
Liz Kulyk
Assistant Vice-President, Media & Public Affairs
The Canada Life Assurance Company
204-391-8515
Media.Relations@canadalife.com
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