For several months, AFP, in partnership with CAGP and other sector partners, has been engaged on the issue of life insurance to charities in British Columbia. The provincial regulator, BC Financial Services Authority, recently issued clarification about its position on this matter.
In general, gifts of life insurance to charities and the advertising of such, is permitted by BCFSA. They have encouraged charities to adopt best practices with respect to promoting gifts of life insurance. AFP Greater Vancouver Chapter is working on those and will release them to our membership and the wider community in the coming weeks. In the meantime, information about gifts of life insurance can be included in a charity’s marketing and promotional materials, but we strongly recommend that they include neutral language and encourage donors to seek their own professional advice before considering this option.
More information is included at https://www.bcfsa.ca/pdf/insurance_bulletins/INS-20-003.pdf (PDF). Thank you to all the AFP members who have been following this issue and sharing their own experiences.
