Partners Life and Perpetual Guardian have launched a new life insurance product that allows customers to make monthly donations directly from their policy, and also pays out to a charity after death rather than to an estate.
Perpetual Guardian philanthropy manager Kirsten Taylor said the ability to make an ongoing difference comes from sound thinking and careful planning.
Taylor said the new policy was a first because it made it possible to make a significant difference without needing to commit today’s capital.
“This is achieved by contributing a small monthly premium over time rather than setting aside a large sum of money to satisfy your desire to leave a legacy,” she explained. “This partnership makes sure that your last wishes are respected - that the donation you gifted gets to where you intended for it to go, in the amount you specified.”
Taylor said it’s important to remember that bequests are not just for the rich and famous, they’re also for everyday people.
“After you’ve taken care of your family and friends, you too may wish to leave a gift to your favourite charities in your Will, which is why we also offer Wills to donors at a more accessible price point, as well as partnering with organisations who wish to enhance or create bequest programmes,” Taylor added.
Partners Life managing director Naomi Ballantyne said she had witnessed how people’s wishes to make a charitable donation could be undermined after their deaths.
Ballantyne said in exchange for a monthly premium, which only starts to increase after the age of 80, you can leave money to a charity or cause of your choice without the inconvenience of tying up your current capital.
Ballantyne added that both companies strongly believe in giving to a good cause, and will donate 5% on each new life policy sold after the first year anniversary to Perpetual Guardian’s The Foundation, which was set up in 2014 to make giving more accessible.
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