Life insurance provides an affordable way to make significant gifts to your favourite charities and worthy causes. 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 cash surrender 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 cash surrender 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. Now new tax regulations allow your estate to receive a charitable tax deduction 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.
"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. "
Brett J. Tkatch
Partner
Blaney McMurtry LLP
"I was referred to Mark by my father who has done business with him for several years. As a director of a TSX listed company and now as a new father, I had to look into insurance for me and my family for the first time. I was unfamiliar with the different insurance products available and needed someone that I could trust to guide me and my family through the process. Mark did a professional job of explaining the potential risks in life and educated us on all of our options. His recommendations were appreciated and we know that he delivered the best possible programs for us now and to build on in the future. I recommend Mark to anyone who needs a trustworthy advisor to guide them as they grow their business and personal life."
Warren Perlman
Director Solutions Architecture
Workbrain, Inc
"In my dealings with Mark Halpern over the last 12 years, I have found him to be exceptionally ethical, reliable and client-centered. He has expert knowledge and experience in the insurance industry and his passion for this field clearly shows. I have no hesitation in recommending him to anyone who needs a caring and professional advisor. "
Daniel Sacke B.COMM CFP CSA
Vice President
BMO Nesbitt Burns Inc.
www.thesackegroup.com
"I kept hearing the radio ads thinking to myself that I would be silly if I didn't check it out. As a business owner in the auto and equipment leasing business for many years, I realized that if I can't work, my family and I would be in big trouble. So I called Mark and met him in his office. The experience turned out to be exactly what I had hoped for...and more. Mark helped me to see the weaknesses in my planning and got me the right protection programs that I needed for me and my family. I now know that I can go to my office everyday and if anything happens to my health, I will have no worries, which is what it's all about. All I have to do is think about getting healthy and not worrying about the bills. Thanks a million Mark!"
Bob Wilson
President
Bob Wilson Leasing
Auto & Equipment Leasing