Give a gift of life insurance

1. 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. 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. 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. 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 taxes or challenges to your will.

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