Charitable Life Insurance - Purchasing a new life insurance policy
One way to use life insurance as a means to make your planned gift to the Foundation is to purchase a new life insurance policy and name the Foundation as owner and sole beneficiary. You pay the premiums to the Foundation and the Foundation pays the insurance company. You receive a receipt for income tax purposes each year for the value of the premiums paid during the year. You are entitled to deduct a portion of the charitable donation against income in any given year. You may also be able to carry forward any unused portion of the charitable donation for up to 5 years. Check with your accountant or financial advisor for advice about how much of a deduction you would be entitled to.

A permanent life policy is a convenient type of life insurance policy to donate to the Foundation.

You may decide that you wish your donation to be placed with one or more of the named funds available with the Foundation.

With a minimum death benefit of $10,000, you could create a new fund, to be named by you, for a specific purpose. Your gift also entitles you to become a member of the Heritage Club.

The Foundation will need a copy of the insurance application and your insurance policy. As well, The Foundation will need you to complete direction documents, to comply with income tax regulations and to ensure that your specific wishes are recorded.

Questions?
I(we) would like to ask a question...

<< back