A planned gift of life insurance can have a greater impact than you would think. The life insurance premium you pay can be transformed into a donation that will provide considerable support to a charitable organization like CECI. This type of donation can take different forms and allows you to make a significant donation without depriving your heirs.
NOTE: This information is provided as a guide only. It is always recommended that you consult your own professional advisors (accountant, tax expert, broker, financial advisor, notary or lawyer) to find out about the tax impact of this type of donation.
Transfer an Existing Life Insurance Policy
If your living conditions have changed and your life insurance policy no longer reflects your initial goals, you can transfer today that life insurance policy to CECI, which would become the policy owner and the beneficiary when you pass away. At the time of transfer, you will receive a charitable donation receipt for the policy’s fair market value. If the policy is not yet paid-up and you continue to pay the premiums, you will be entitled to a charitable donation receipt for the subsequent payments.
Designate CECI as the Beneficiary of a Life Insurance Policy
You can remain the owner of your life insurance policy and designate CECI as the beneficiary of the death benefit in whole or in part. When you pass away, a tax receipt for the amount received is issued in the name of the estate, which in return provides a tax credit.
Purchase a New Life Insurance Policy
You would like to make a larger contribution in support of CECI’s mission, but your current resources are modest? In this case, you could purchase a new life insurance policy naming CECI as the beneficiary. If you transfer the ownership of the policy to CECI, you will receive a receipt each year for the premiums you pay. If you remain the owner and designate CECI as the beneficiary, a receipt will be issued to the estate’s name in the amount of the policy’s face value. Your heirs may then use it to reduce any taxes owed upon your passing.
For more information on planned giving, please contact Ginette Michaud at 514-875-9911 ext. 283, or by email at firstname.lastname@example.org.
CECI calls for your solidarity in support of the Haitian people, who were hit hard by a 7.2 magnitude earthquake that shook the southwestern part of Haiti on Saturday morning, August 14, 2021.
Support CECI's efforts in Haiti and help the people recover: Make a donation now!