LifePoint Charitable Endowment Inc. has started what it calls the first charity ever to accept life insurance policies donated by seniors to benefit their favorite charities.

LifePoint, Houston, says it will assume responsibility for premium payments and will distribute benefits to charitable organizations designated by donors, without expense to the donor or the recipient.

LifePoint notes that charities can accept direct donations of life insurance policies but generally don’t because continuing premium commitments can become a significant financial drain and because they don’t want the administrative burdens of managing policies, the organizations says.

LifePoint pools and manages donated life policies and distributes regular contributions to charities based on their percentage stake in the total policy pool, which is managed much like a mutual fund, the organization says.