Advisor makes her mark in planned giving insurance

When Chantale Vigneault launched J’assure ma cause inc. on November 1, 2023, the insurance advisor was formalizing an idea that began taking shape five years ago. 

Described as a philanthropic funding solution by its president and co-founder, J’assure ma cause targets residents of Quebec, Ontario, and New Brunswick (read the permanent life insurance report published in the December 2023 issue of the Insurance Journal, pages 6 to 14). 

With this solution, donors take out life insurance and designate a registered charity of their choice as the policyholder and beneficiary. It's a participating whole life policy, underwritten without a medical exam and payable over 10 years or in a single premium. Tailored specifically for J’assure ma cause by Assumption Life, the death benefit can range from $5,000 to $250,000, depending on the insurance amount chosen and the timing of death. The product was introduced in 2021. 

Long gestation 

The final project is the result of close collaboration between Chantale Vigneault and managing general agency Groupe Cloutier, initiated in 2019. Vigneault recounts her journey. “The idea began in 2018, and I discussed it with Groupe Cloutier only in September 2019 because I wanted the idea to fully form in my mind,” she shares in an interview with the Insurance Portal. 

Her concept was shaped by charitable events. “I had the opportunity to attend several fundraisers and benefit evenings. In these gatherings, you often meet the same people, mostly well-established, generous business individuals. There’s a sense of solidarity and a collective desire to boost donations,” she explains. 

The spark 

Vigneault reveals that the story of a family, that of Ariane Pinette, who had to rely on charitable organizations for treatments, was the starting point and inspiration behind J’assure ma cause. Pinette's mother, Chantal Boisvert, attested to the immense value of donations for a family in need. “It’s a significant amount of money and involvement for a family like ours, with a special-needs child,” adds Boisvert. 

The mother often had to travel long distances between home and the hospital. “It’s great to acknowledge their journey during an event and raise funds. But next year, this family will still have the same needs. I wondered what more and better I could do. What I do for a living is insurance,” she says. 

Reaching the general public 

According to Vigneault, planned giving insurance has always existed. However, she regrets that this niche remains largely untapped. With J’assure ma cause, Vigneault aims to reach the general public, not just the affluent. “Many generous people don’t necessarily have $10,000 to invest in an insurance policy or $100,000 to bequeath at their death,” she underlines. 

Vigneault explains the choice of a simplified issue product, hence without a medical exam. “It had to be simple. People are busy. In regular underwriting, an insurance application can take one, two, or even five months if doctor’s reports or additional tests are required. It needs to be as easy and quick as making an online donation,” she insists. 

Chantale Vigneault’s cousin, Jimmy Vigneault was the first donor to the J’assure ma cause program. He was excited about the ease with which he could make his contribution. “I want to create wealth around me, and J’assure ma cause is an excellent financial lever that can make a difference for the community,” Mr. Vigneault says. Beyond the financial vehicle, he sees this program as a commitment to “bequeath a better future to the next generation.” 

In times of hardship 

Chantale Vigneault and Groupe Cloutier requested from Assumption Life an insurance solution that quickly produces cash surrender and paid-up insurance values. In tough times, the organization can buy back the policy from insured who can no longer afford the premiums. “Instead of $10,000 in insurance capital, the organization might receive a value of $2,000, and the donor no longer has to pay for the contract. Before 2021, there was nothing like this on the market,” asserts Vigneault. 

Having a choice 

J’assure ma cause is an independent brokerage affiliated with Groupe Cloutier, distributing products from other companies. Among others, Chantale Vigneault utilizes the product from Canada Life, named My Par Gift, designed exclusively for donor needs. The Assumption Life product for planned giving is exclusive to J’assure ma cause. 

Vigneault notes that all permanent life insurance products can be used for donation planning. “As for the choice, it’s on a case-by-case basis,” she says.