A Gift of Life Insurance
The gift of life insurance presents an excellent opportunity to make a generous contribution to St. Paul's Hospital Foundation of Vancouver (our legal name) for relatively little cost. A gift of life insurance can also offer immediate tax savings and ensures that your entire estate passes directly to your heirs and your favorite charity.
Using an existing life insurance policy
You can designate St. Paul's Hospital Foundation as the owner and beneficiary of an existing policy that you no longer need and receive a charitable receipt for its cash surrender value. If further payments are required on the policy, you will receive a charitable donation receipt for all payments made after the policy is assigned to the Foundation.
Donating a new policy
It's also possible to purchase a new life insurance policy and designate St. Paul's Hospital Foundation as the owner and beneficiary. In doing so, you will receive charitable donation receipts for the full amount of all annual premiums paid.
Naming St. Paul's Hospital Foundation as a primary or co-beneficiary
of a policy
Any death benefits paid directly to St. Paul's Hospital Foundation under the policy will entitle the donor's estate to a donation receipt. As death benefits are paid directly to St. Paul's, probate taxes can be avoided and the risk of creditor claims against the estate can be minimized.
To learn more about making a charitable gift of life insurance, please consult your insurance broker, tax or financial advisor or call 604-682-8206. You may also send an e-mail to sphfoundation@providencehealth.bc.ca
If you would like to share with us your intention to gift a life insurance to St. Paul's Hospital, please call us 604-682-8206 or fill in the Planned Gift Confirmation Form. Sharing this information allows us to include you in our Caring for the Future Society, a special group that honors those who have made a future gift to our hospital.