Charitable Life Insurance
You can use life insurance to increase your estate, create a legacy, or to make a large gift to charity without affecting the inheritance you leave your children.
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How Does It Work?
There are several ways to use life insurance to fund a gift to Compassion.
- Transfer the ownership and beneficiary of an existing policy to Compassion Canada. Many people find the life insurance policy they took out while their children were at home is no longer needed. When gifted to Compassion, you will receive a charitable donation receipt for the full cash surrender value of the policy, in addition to any premiums you continue to pay on the policy.
- Apply for a new policy on your life and name Compassion Canada both owner and beneficiary. You would then pay the premiums directly to Compassion, which pays the insurance company. You will receive an annual charitable donation receipt for the amount of the premium.
- Name Compassion Canada beneficiary of your existing life insurance policy, which can include group insurance plans. Your estate will receipt a charitable donation receipt for the full death benefit.
Advantages:
- You receive satisfaction in knowing that a large gift to God's work in caring for needy children is guaranteed and can be put to immediate use when you’re gone.
- Life insurance gives you the opportunity to make a much larger gift than would normally be possible.
- Certain uses of insurance can also substantially reduce taxes.
- There are excellent strategies you can employ by combining life insurance as "wealth replacement" with a charitable gift. Insurance can be used to replace money gifted from your estate to Compassion with a cash payment to an heir.
Contact Us:
Ask us about a gift of life insurance!
For more information contact:
June Dryer,
Gift Planning Specialist
Compassion Canada 985 Adelaide St. S,
London Ontario, N6E 4A3
1-800-563-5437
pg@compassion.ca