What types of policies are eligible?

All types of life insurance (e.g., term, universal, variable and whole life) will be considered.

 

Am I a good candidate for donation?

If you are 70 or older and have a life insurance policy with a minimum death benefit of $25,000, we can begin qualifying your policy for acceptance into LifePoint Foundation Canada program. LifePoint will need to gather information about your policy and your current health to determine your policy’s eligibility. LifePoint’s screening process should quickly help you determine your eligibility for this program. Click here for the form, or call us at 877.647.4708.

 

Why is LifePoint doing this?

Our mission is to help charities thrive and we do that by transforming unwanted life insurance policies into much needed, long-term cash flow for them. This unique program will provide billions in new funding for ministries for decades to come. There are billions of dollars in death benefits, owned by millions of seniors that simply lapse every single year because their life insurance has either become too expensive or it has lost its original purpose. In order to maintain this valuable asset, we are in a race to capture as many of these unwanted policies as possible and direct the benefits to worthy causes.

 

What types of charities does LifePoint Support?

LifePoint supports most NPOs in Canada. We commonly assist policyholder’s donating to ministries, hospitals, orphanages and schools. In many respects, we are supporting the causes for which life insurance was originally designed to help – widows and orphans.

 

How big of a tax receipt can I expect to get?

That depends on a number of factors. In fact, we employ the help of third-party valuation specialists to arrive at a credible tax receipt amount. We factor in age of the insured, life expectancy, health issues, face amount, premium projections, policy type, policy design, and quality of the carrier. There really is no “rule of thumb” – this is a complex calculation and we do it with great care and thoroughness.

 

How do charities benefit from my gift during my lifetime?

From this stable financial investment, LifePoint is able to support the charities you have designated.

 

Where does LifePoint get the money to pay premiums?

LifePoint is partnered with other charities in Canada that have provided us capital from their reserves. We have millions of dollars at our disposal. This is a great example of charities working together for good.

 

How does LifePoint work?

Policy owners donate their unwanted life insurance to LifePoint Foundation Canada, which pays the ongoing premiums and administers all policies in our portfolio. LifePoint then distributes the net death benefits after paying premiums and operational expenses to charities designated by donors and our Board of Directors. LifePoint makes this possible by aggregating together thousands of insurance policies donated by seniors like you to establish a stable, predictable and growing cash flow for charities for decades to come. We fully expect to distribute billions of dollars to donor-designated charities. Neither you nor the charities you designate will have any obligation to pay premiums going forward.

 

Is this the same as a life settlement?

No. We do not purchase policies; there is no sale involved. Policies are donated to LifePoint and the selected charity of your choice and you receive a tax receipt. LifePoint is a registered Canadian charity established for the sole purpose of collecting donations of unwanted life insurance policies in order to benefit Canadian charities. Conversely, life settlements are sold in a secondary market where investors purchase life insurance policies for the purpose of making a profit over time. In some Canadian provinces the practice of buying policies (life settlements) is prohibited by government legislation, but that is not the case when you donate a policy to charity.

 

How do agents and professional advisors benefit from LifePoint Foundation of Canada?

LifePoint Foundation Canada allows professional advisors to better fulfill their fiduciary duties by giving their clients who have unwanted or unneeded life insurance policies an opportunity to put them to use towards causes they care about. In addition, LifePoint Foundation Canada offers agents and professional advisors the opportunity to:

  • — Build prestige by supporting local and national charities
  • — Protect and continue renewal income
  • — Earn referral fees for donated policies
  • — Bring a unique solution to charities and themselves
  • — And convert term policies that would otherwise have gone to waste

 

How do I get started?

Contact us by calling 877.647.4708. Click here for our initial intake form.

 

Do you accept cash donations?

Yes, and 100% of your cash will go to help us pay premiums!
And the proceeds go to the charity of your choice and you still receive a tax credit.

 

Imagine … turning life into legacy

Lifepoint Logo

412 4th Street East, Wynyard S0A 4T0

Toll free: 877.647.4708

Email: info@lifepointfoundation.org

 

 

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