A gift of life insurance can be your opportunity to make a major gift for relatively little cost and can offer immediate tax savings and ensure that your entire estate passes directly to your heirs and your favourite charity.
Benefits of making a gift of life insurance
Any death benefits paid directly to St. Paul’s Hospital Foundation of Vancouver under the policy will entitle the donor’s estate to a donation receipt, which can help you:
- Avoid probate taxes
- Minimize the risk of creditor claims against the estate
Ways to make a gift of life insurance
- Use an existing life insurance policy – You can designate St. Paul’s Hospital Foundation of Vancouver (our legal name) as the owner and beneficiary of an existing policy that you no longer need. You’ll receive a charitable receipt for its cash surrender value. If premiums still need to be paid on the policy, you will receive a charitable donation receipt for all payments made after the policy is assigned to the Foundation.
- Donate a new policy – You can also purchase a new life insurance policy and designate St. Paul’s Hospital Foundation of Vancouver as the owner and beneficiary. In doing so, you will receive charitable donation receipts for the full amount of all annual premiums paid.
For more information
To learn more about making a charitable gift of life insurance, please consult your insurance broker, tax or financial advisor or contact us.