Financial Strength
For close to a century we have been helping people be wise with money and live generously. There have been changes over the years, but one common thread that connects our past to the present is our mission to protect financial futures, live our Christian values – and ultimately, impact the lives of others to build a better world.
A History of Helping
Our roots go back to the 1920’s when two American fraternal benefit societies, Aid Association for Lutherans (AAL) and Lutheran Brotherhood (LB), began issuing insurance policies in Canada. This made life insurance available to Canadian members – providing a much-needed safety net for families who had previously relied on church communities to come to their aid when faced with illness or the loss of a primary income. Lutheran Life Insurance Society of Canada was founded in 1972, sponsored by AAL and LB, and the heritage of neighbours helping neighbours, continued as the heart of the organization.
In 2008, we adopted the name FaithLife Financial and today, “faith” continues to be central to who we are as an organization. We are proud of our rich heritage of giving back to communities, alongside our members, and we believe that being wise with money and living generously are wonderful expressions of faith.
What is a Fraternal Benefit Society?
FaithLife Financial operates as a Fraternal Benefit Society. Fraternal organizations inspire their members to participate in one of the largest member-volunteer networks in the world. Serving others is at the heart of the organization and this is done through a variety of programs, which improve the quality of life in communities.
A fraternal benefit society is an institution that has a representative form of government and is operated for fraternal, benevolent or religious purposes, including the insurance of members, or the spouses/common-law partners or children of members, against accident, sickness, disability or death.
Fraternal organizations…
• Provide insurance and investment products.
• Have members instead of shareholders.
• Share a common bond with their members.
• Use revenue from financial services operations for member benefits and to give back to the causes members care about.
FaithLife Financial is federally supervised by the Office of the Superintendent of Financial Institutions (OSFI) and is subject to the same regulations as other Canadian life and health insurers. Federal supervision encompasses insurers incorporated or continued under the Insurance Companies Act. In general, OSFI conducts prudential reviews of federally regulated insurers to determine their financial soundness.
