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.
To learn more simply fill out this form or call us at 416-364-2929 or 1-866-566-2001.
"Mark has been helping me with Life Insurance and Critical Illness for over 10 years. Like most people, I find it difficult to deal with these issues and take care of them properly to make sure that my family is safe and secure in the future. My previous experience with life insurance salesmen left me feeling pretty cynical and fearful. Enter Mark Halpern - He has an amazing array of innovative products, he explains things so that you really get it, and absolutely no pressure - I kid you not. On one occasion, he even advised against purchasing a product! Look, the last thing I want to sound like is an infomercial, but for Mark, I will make an exception. Life insurance is critical and you want to deal someone who has knowledge, integrity, and compassion. Mark Halpern is the man."
Dr. L Steiner
Psy.D., Clin. Psych
"I responded to Mark's radio advertising because I was interested in critical illness insurance. My biggest concern as a visiting nurse is what would happen to me and my family if my income stopped due to an accident or sickness. Plus, I had no idea if my current long term disability coverage was adequate as I had no professional advisor to review it for me. Mark was very helpful. He was straightforward on what I had and what I should be doing. He responded quickly to my needs and got me the right critical illness insurance protection and life insurance for me and my family. I feel much better knowing that things have been taken care of and am happy to know that I can always count on Mark if I need anything in the future. I recommend Mark to any busy person who needs things done the right way...and... right away!"
Jolan Drdla
Visiting Nurse
VHA Nursing Association
"I contacted Mark after hearing his radio ads. Running a family business takes a lot of time, and relationships are the key to our success. What impressed me most about Mark was his knowledge and ability to explain things so clearly. Having worked with banks and investment companies, the experience with Mark was not at all the same. He was NOT interested in selling me any products or concepts; he was interested only in what worked for me. This made him very easy to talk to and we successfully completed our business together. I look forward to a long and rewarding relationship. Thanks Mark!"
Daniel Violante, MBA
Director Sales & Marketing
Excelsior Foods Inc.
"Mark Halpern guided me through the confusing maze of insurance and financial products with artful expertise. His innovative ideas and attention to detail are impressive. He's also a good guy. If you work together, you will soon be recommending him yourself. "
Eric Carmona
Partner, Stikeman Elliott LLP