Planned Giving - Life Insurance

Life Insurance

A gift of insurance is a way for you to make a significant charitable gift to the Moose Jaw Health Foundation that will benefit thousands of patients and their families. By transferring ownership of an existing or new policy, you are eligible for an immediate charitable tax receipt equal to the current cash surrender value of the policy. You are also eligible for future charitable tax receipts equal to the value of any future premiums paid. You may also name the Foundation as beneficiary of any existing policy that you may have.

Gift of an Existing Policy

If you no longer need the protection of your life insurance policy, you may surrender it to the Moose Jaw Health Foundation and continue to pay any premiums that remain. Many times policies have been paid in full by the donor in advance, by surrendering the policy you receive a significant tax credit and the Foundation receives a substantial benefit, but you do not lose any disposable income.

Benefits of a Gift of an Existing Insurance Policy:

•  a charitable tax receipt is issued for the cash surrender value of the policy;

•  the gift does not come from your current income;

•  you can choose how the gift will be used by the Foundation;

•  you can be honoured in your lifetime.

Gift of a New Policy

If you are younger or have limited funds available, but still wish to make a substantial gift, you can purchase a new life insurance policy and name the Foundation as beneficiary. In this case, it is always preferable to spread the payments out over a set time period. The Foundation will issue a tax receipt each year for the value of the premium paid, as long as the Foundation is beneficiary and named owner of the policy.

Benefits of a Gift of a New Insurance Policy:

•  annual premiums are eligible for a tax receipt;

•  the gift will not affect your estate;

•  you can choose how the gift will be used by the Foundation;

•  you can be honoured in your lifetime.

For more information, please contact the Moose Jaw Health Foundation office at 694-0373 or by email at kelly.mcelree@mjhfoundation.ca.  Thank you for considering the Moose Jaw Health Foundation in your estate planning.  Every gift, no matter what the size, makes a difference.