Gift of Life Insurance

There are several ways to make a gift of life insurance to a charity:

  1. You can purchase a life insurance policy and make a charity both the beneficiary and owner. With this option, you will receive a tax receipt for the annual premiums paid. This way, you are able to make a substantial future gift at a considerably reduced after-tax cost.
  2. You can assign an existing policy to a charity. You will receive a tax receipt for any cash value in the policy. While there may be a taxable gain to report as income, the resulting tax credit could be greater than any income tax triggered by the donation. In some cases, it may be possible to receive a tax receipt for the fair market value of the policy as determined by an actuary (less any policy loans outstanding).
  3. You can name a charity as a beneficiary of a policy without transfer of ownership. In this case, an immediate tax receipt is not issued, but your estate will receive a tax receipt when the policy is paid upon your death. The receipt will produce a tax credit for your final tax return.

A life insurance policy naming a charity as a beneficiary is processed outside of your estate and therefore, is not subject to probate fees or challenges to your will.

All discussions are held in strict confidence and do not require any commitment on the part of the donor.

To learn more about how you can make a gift of life insurance, please contact:

Charles O'Neil
Gift Planning Advisor
charles.o'neil@qe2foundation.ca
902 442 7196

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The QEII Foundation inspires generosity to advance health care at the QEII Health Sciences Centre. With financial support from all levels of the community, the Foundation helps fund new technologies, research, innovation and education that contribute to life-changing moments experienced every day by patients and their loved ones.

 

 

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QEII Health Sciences Centre Foundation
5657 Spring Garden Road
Park Lane Mall, Suite 3005, Halifax, Nova Scotia B3J 3R4
Phone: 902 334 1546 | Toll Free: 1 888 428 0220
Fax: 902 442 7172 | Email: info@qe2foundation.ca

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