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Gift of a Life Insurance Policy

Other than bequests, life insurance is the most popular type of estate gift. A gift of life insurance will enable you to make a significant future gift for a modest cost. This substantial gift can be made through a policy you already own, or through a series of affordable premium payments, without impacting assets intended for loved ones.

Your life insurance gift can be made in the following ways:

A current gift of life insurance:

  • You give an already paid up policy to your charity of choice and receive a charitable donation receipt for its cash value
  • You give an existing whole life policy on which premiums are still being paid, and in return, receive a receipt for the cash value of the policy and subsequent premium payments
  • You purchase a new policy, transfer ownership to your charity of choice, and receive a tax receipt for all payments on the premiums

A deferred gift of life insurance:

  • You retain ownership of the policy and name your charity of choice as the direct beneficiary and when you pass away, your estate will receive a receipt for the face value of the policy. This provides you with maximum flexibility, although you do not receive a receipt for premiums you have paid
  • You establish a charitable insured annuity and use a portion of the payments to pay premiums on a life insurance policy that has been assigned to your charity of choice. You receive receipts for all premium payments. You may wish to purchase a second life insurance policy to replace the income invested in the annuity for your loved ones
    • An annuity guarantees life income and can often be structured to increase your annual income while reducing your tax liabilities.

Learn More






Sample Will Clauses

To learn more about the different ways you can leave a lasting legacy and reach your philanthropic goals, please e-mail christy.soholt@albertacancer.ca

1 866-412-4222

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