Donating life insurance can be an excellent opportunity to support Terry’s dream of a world free of cancer and transform affordable premium payments into a substantial future donation. There can also be tax saving benefits.
Donating a life insurance policy isn’t subject to taxes, probate costs or estate debts, and you can make a substantial contribution through relatively small monthly or yearly payments. At the same time, you’ll be rewarded for your donation through the charitable tax receipts you receive. The premiums on a $25,000 policy will cost far less than the payout amount over time, and when you include your tax credits, you end up paying even less overall for a very sizeable gift. (source: co-operators.ca)
Here are three ways you can donate a life insurance policy to a charity:
Need help? Contact Mark Mahl our Manager of Philanthropic Relations.