Gift of Life Insurance
What is a Gift of Life Insurance?
What is a Gift of Life Insurance?
Gift of Life Insurance is a simple and effective way to maximize your philanthropic impact while benefiting from tax advantages. This type of donation allows you to multiply your contribution at a lower cost, without affecting your immediate assets.
Upon your death, Mission inclusion will receive much more than the total of the premiums paid over the years.
For each premium paid, you receive a tax credit that reduces the cost by almost half.
If you remain the owner of your policy, then your estate will receive a tax credit equal to the death benefit.
Upon your death, we as the beneficiary of the policy will receive the death benefit directly, since the gift is not subject to estate litigation.
There are three options for
giving life insurance:
Option 1
You take out a new policy and designate yourself as the owner and beneficiary. You receive a charitable donation receipt for the premiums you pay. Upon your death,
Mission inclusion will receive the death benefit.
You designate
Mission inclusion as the beneficiary of an insurance policy you own. Upon your death, a tax receipt for the death benefit will be issued to your estate.
Option 3
You transfer ownership of an existing policy and designate
Mission inclusion the irrevocable beneficiary. You will receive a tax receipt for all subsequent premiums paid and for the fair market value of the policy.
There are three options for
giving life insurance:
Option 1
You take out a new policy and designate yourself as the owner and beneficiary. You receive a charitable donation receipt for the premiums you pay. Upon your death, Mission inclusion will receive the death benefit.
Option 2
You designate Mission inclusion as the beneficiary of an insurance policy you own. Upon your death, a tax receipt for the death benefit will be issued to your estate.
Option 3
You transfer ownership of an existing policy and designate Mission inclusion the irrevocable beneficiary. You will receive a tax receipt for all subsequent premiums paid and for the fair market value of the policy.
How to make a life insurance donation?
Explore the benefits and implications of a gift of life insurance for you and your family. Choose one of three life insurance gift options. Contact our philanthropic development advisor Kim Laporte at 514 495-2409 ext. 120.
Select a charity, like Mission inclusion, that will benefit from your generous donation.How to make a life insurance donation?
Explore the benefits and implications of a gift of life insurance for you and your family.
Choose one of three life insurance gift options.
Contact our philanthropic development advisor Kim Laporte at 514 495-2409 ext. 120.
Select a charity, like Mission inclusion, that will benefit from your generous donation.
Do you know all the types
of planned giving?
There are many types of planned gifts. They all allow you to perpetuate your values and continue to improve the world for the most disadvantaged, while enjoying attractive tax benefits.
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