Canada Life eyes Progressive

Last month Canada Life announced the launch of a new, “first-of-its kind in Canada”, participating life insurance product for charitable giving. It gives clients the ability to choose a registered charity that will be both the owner and beneficiary of the policy.

The product – Canada Life My Par Gift – allows policyholders to make a one time premium payment donation that qualifies for a donation tax receipt from the charity. That donation can grow into a larger gift over the policy’s life and the registered charity becomes the owner and beneficiary of the fully paid policy and all of its associated benefits.

Founded in 1847, Canada Life is a Canadian insurance company that provides a wide range of insurance and financial products and services. It operates through a network of financial advisors and brokers across Canada.

“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. 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.” – Paul Orlander, Executive Vice-President, Individual Customer, Canada Life.

Does this ring a bell?

It should.

In October 2021, Progressive and Fidelity Life introduced RAPIDecision Life One, a one-year term life insurance product that allows policyholders to name a charity as one of their beneficiaries.

Bottom Line: It is one thing to understand what a company is doing, and another to understand the concept, which is why in 2019, we introduced the five elements of modern insurance. Convenient, fair, flexible, functional and socially responsible coverage can upgrade any commodity coverage to resonate with a segment of the market. This report is well worth a read.