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April 2023
Hope you are well.
Some VERY exciting Philanthropy news to share with you……
For many years we have focussed on educating professionals, affluent families, business owners and charities about how to incorporate Strategic Philanthropy into clients’ and donors’ estate planning.
Canada Life, Canada’s first domestic Life Insurance company, reached out to me almost 2 years to advise them on the development of a unique new Life Insurance product created specifically to meet the needs of charities, donors, and professional advisors.
My Par Gift™ is a permanent Life Insurance policy purchased with only ONE single premium, with the donor as the insured person and the charity as the owner and beneficiary.
It will allow many more people take advantage of Strategic Philanthropy and Life Insurance opportunities.
The charity immediately issues a donation tax receipt for the entire premium amount, which the donor can use to offset up to 75% of their annual net taxable income. It also provides the ability to create a legacy gift of 5 to 20 times the net value of their one time premium!
The charity receives something of much greater value than what’s written on that donation tax receipt: the promise of a significantly larger payment on the donor’s death and the ability to create a cash flow for the charity during their lifetime. That’s right, the charity can create a cash flow to be used during the lifetime of the donor!
Here’s my recent article published in Foundation Magazine.
I hosted a LinkedIn Live event last week with Evan Connell, Canada Life’s Director of Par Sales Strategies, to announce the final product called “My Par GiftTM. Click this link to watch a replay of the launch event: https://lnkd.in/gYdunBaA
The new product is getting tons of attention from the philanthropic community, insurance advisors, accountants, lawyers and estate planners.
We’ve already heard from many forward-thinking charities who recognize the opportunity, want to learn more, and need our help.
Here’s a sampling:
“We at the CHEO Foundation are very excited by this! Thank you to all Advisors for their interest in offering this to your clients to help charities. The children and youth at CHEO (Children's Hospital of Eastern Ontario) thank you too!”
Julie Wade, Planned Giving Office, CHEO Foundation
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"Thank you Mark Halpern CFP, TEP, MFA-P for leading this discussion and for sharing this exciting development. The Peterborough Regional Health Centre Foundation has invested heavily in leading the legacy giving conversation with our donors over the last 15 years. As the second oldest community in Canada - we jumped in early. Gifts of life insurance (paid up policies, those with premiums owing and those where our organization has assumed ownership) are routinely part of our discussion. These gifts are incredible gifts but often a bit cumbersome when actuarial valuations and legal opinions are required etc. I'm very excited about this new development in "My Par Gift" from Canada Life and what this will mean for donors and charities. Following closely and already planning our communication strategy with our donor audiences, our Allied Professional Advisory Council as well our broader advisory network."
Lesley Heighway, President & CEO - Peterborough Regional Health Centre Foundation
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“Fantastic product and a natural piece to add to the blended gift conversations with our donors"
Darlene Bennett-Howes, Vice-President, Development, Hamilton Health Sciences Foundation
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“Thank you for all the information - incredibly helpful, and such an interesting product at such a critical time for charities.”
Sue Sheridan, Director, Philanthropy and Sponsorship, TVO Foundation
The new My Par Gift™ product is an exciting development for Canada’s Philanthropy community, and a powerful tool to facilitate charitable giving.
All of the foregoing brings us closer to achieving our goal of raising $1 Billion of new charity annually as we continue to develop a community of 100 Allied Professionals, Accountants, Lawyers, Insurance Advisors, Investment Advisors, Bankers, Estate Planners.
Please visit https://wealthinsurance.com/billion.php and consider joining us to do good and do well together.
We have more than 30 years of wisdom and knowledge to share with charities, donors and generous clients to do good and do well.
Don’t hesitate to contact us – we’d love to help you.
Take care,
Mark
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