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Donate a life insurance policy

Gifts of life insurance

A gift of life insurance is a smart and meaningful way to leave a legacy. Whether you want to make a major impact now or in the future, life insurance allows you to transform a modest investment into a significant charitable gift.

Why consider a gift of life insurance? 

  • Create a lasting legacy with a relatively small cost
  • Make a significant future donation without reducing current assets
  • Access immediate or estate tax benefits, depending on the option you choose

Ways to give life insurance

Donate the ownership of your policy

Best for donors who want an immediate charitable tax receipt.

  • You transfer ownership of an existing life insurance policy to the Foundation
  • You receive a tax receipt for the fair value of the policy at the time of transfer
  • If you continue paying the premiums, you also receive a tax receipt for those payments
  • When the policy matures, proceeds are paid directly to the Foundation

Tax benefits include:

  • Immediate tax receipt for the fair value of the policy
  • Premium payments qualify as charitable donations
  • Potential for a tax receipt greater than taxable income from policy disposition

Name the Foundation as a Beneficiary

Best for donors who want their estate to receive the tax benefits.

  • You remain the owner of the policy. You can designate the Foundation as the sole or partial beneficiary
  • You retain flexibility—beneficiaries can be changed in the future
  • Upon death, the Foundation receives the proceeds, and your estate receives a donation receipt

Advantages include:

  • Charitable proceeds bypass probate and estate fees
  • Faster distribution to beneficiaries
  • Proceeds are confidential and private, going directly to the named beneficiary and do not flow through the estate, so they are not part of public record.

Single premium or lump sum policy

A simple, one-time option designed for charitable giving.

  • One lump sum payment creates a guaranteed policy for life
  • The Foundation is both owner and beneficiary
  • You receive an immediate donation receipt for the full
  • Minimum one-time premium: $10,000

Is a gift of life insurance right for you?

A gift of life insurance can be an excellent option if you:

  • No longer need your existing life insurance policy
  • Want to maximize tax benefits during your lifetime or through your estate
  • Wish to make a meaningful legacy gift without impacting your current lifestyle

Want to know more?

Get in touch with your financial planner, or a member of our philanthropy team, to discuss whether a gift of life insurance would be a good fit for you.