To learn more about My Par Gift and other strategies to help grow your business register now for Insurance Live! Canada Life’s signature event for advisors.

We are excited to introduce Canada Life’s new customized product, designed for charitable giving and clients who are looking to make a lasting impact. Canada Life My Par Gift™, is a first-of-its-kind, innovative participating life insurance product for donors and registered charities*. It’s a simple product with a single payment for clients who wish to make a bigger impact through life insurance.

Built in partnership with advisors, My Par Gift creates new opportunities for you to have fresh conversations with existing and potential clients. This is the first and only product of its kind available in the Canadian marketplace today. Be part of something great!

What is Canada Life My Par Gift participating life insurance?

It’s built on these foundations:

• First and foremost, it is life insurance designed for charitable giving. The registered charity receives the payout on death of the insured person.
• It’s a single premium payment. The base amount of life insurance is guaranteed to stay in effect for the insured person’s lifetime once the single premium payment is made.¹
• It belongs to the charity. As the owner, the charity controls the policy.
• It gives the charity flexibility. Over time, the life insurance policy builds cash value. The charity has guaranteed access to these funds, which can be used in many ways during the insured person’s lifetime. It is important to note that any withdrawals or unpaid loans will decrease the size of the charity’s payout.¹
• It can help the charity grow its legacy through potential dividends. Dividends can be used in many ways. The charity can choose to buy additional insurance coverage, which may further increase the policy’s cash value and payout on death. Or, they can take the annual dividends as cash.²
• It has tax advantages for the donor. The single premium payment qualifies as a charitable donation.³

Learn more about My Par Gift and other strategies to help grow your business at Insurance Live! Canada Life’s signature event for financial advisors. 

Register now.
 

* A registered charity is an organization that is registered as a charity with the Canada Revenue Agency. 

1 In the case of a policy loan, if the loan plus interest exceeds the policy’s cash value, the policy will end.

2 Any annual dividend paid in cash to the policyowner will result in a tax slip being issued to the registered charity in any applicable year.

3 All donation receipts would be issued by the charity, not by Canada Life. The recognized year of the donation made may be determined by a number of factors. Speak to your advisor for details.