Gift of life insurance policy

Gift of life insurance policy

Life insurance policies are a great way to make a substantial gift with a relatively modest investment. Many donors have found that they can contribute significantly to their community without affecting their family’s financial security.

Three options are available:

• Name Centraide as the beneficiary of an existing policy (as described below).

• Donate a new life insurance policy to Centraide as owner and beneficiary.

• Transfer ownership of an existing life insurance policy to Centraide.

   

NAME CENTRAIDE AS BENEFICIARY 

People who already have a life insurance policy or are considering taking out a new one can name Centraide as the beneficiary of the death benefit.

TYPES OF DONORS

• People whose life insurance policies have become less relevant as their personal or family situation has evolved.

• People expecting taxes due upon their death.

• People wishing to make a major gift but lacking the necessary assets.

• People wishing to retain ownership of their life insurance policy.

BENEFITS

• Give your estate a tax receipt for the death benefit, reducing or eliminating the tax payable upon your death.

• Make a significant donation at a low cost.

• Give a new purpose to a policy that had lost its relevance.

• Maintain the flexibility to change the beneficiary at any time.

• Designate all or a portion of the death benefit to Centraide.

• Receive recognition for your future donation and continue to be associated with Centraide and its mission.

CONDITIONS

The donor receives no tax benefits during their lifetime. The tax receipt for the death benefit will be issued to the heirs. This receipt can be used to reduce or eliminate taxes due at the time of death.