Charitable Planned Giving

Life insurance provides an affordable way to make a significant gift to your favourite charities.

By giving through life insurance you can:

make a substantial charitable donation for a comparatively small premium
become a major benefactor right now, rather than waiting years to make your gift from accumulated assets
gain tax benefits and guarantee the value of your gift will not be reduced by taxes, probate, or administrative costs
make a significant gift of funds that are considered independent of your estate, and therefore cannot be challenged
keep your gift private and confidential.
There are many options for making a gift of life insurance. Some, like the first three listed below, can provide for a generous future gift while offering immediate tax relief. The method you choose will depend on your preference and circumstances.

Transfer ownership of an existing, fully-paid policy - Perhaps you hold a policy that, while fully paid, is no longer required as your family has grown or your financial situation changed. You can transfer ownership of the policy to the charity of your choice and name it as the beneficiary. You will receive a donation receipt for the fair market value* immediately, just as if you had made a cash donation.

Sign over a partially-paid policy - When you transfer ownership of a policy that is partially paid and name the charity as beneficiary, you will receive a tax receipt for the fair market value*, as well as for further premiums you pay on the policy.

Purchase a new policy and make your favourite charity the owner - When you make the charity the owner and beneficiary of a policy, you are entitled to tax receipts for premium payments.

Make the charity the beneficiary of your policy without transferring ownership - The proceeds of the policy will be paid to the charity immediately upon your death and your estate will receive a charitable donation receipt for the amount of the insurance proceeds.

Make your estate the beneficiary of the life insurance policy and bequeath the amount of the policy to your charity in your Will - You will not receive tax benefits during your life, but your estate's tax liability will be reduced. However, your donation will be delayed while your estate is processed and because your Will can be challenged or your estate reduced by fees/creditors, the full value of your intended contribution to your charity may be diminished.

* When you receive a tax receipt for the cash value, you may have to claim some portion of the cash value amount as income to offset the tax credit.

Please contact us today for your no-obligation consultation. We look forward to helping you and your family.

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"I became aware of critical illness insurance this year and over the last number of months have investigated it for me and my family. I met with several agents. I had heard Mark's advertising on 680News and The Fan 590 and arranged a meeting in my office. I was very impressed with Mark and his knowledge of the policies that are available in the marketplace. Mark took the time to 'crash test' my life and provide me with some important recommendations that I was unaware of. He got my business. I have since referred Mark to the partners in my firm and recommend him highly to all busy professionals. "
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Hamilton, ON