The gift of life insurance presents an excellent opportunity to make a generous contribution to the Lady Minto Hospital Foundation for relatively little cost. A gift of life insurance can also offer immediate tax savings and ensures that your entire estate passes directly to your heirs and your favorite charity.
Using an existing life insurance policy
You can designate the Lady Minto Hospital Foundation as the owner and beneficiary of an existing policy that you no longer need and receive a charitable receipt for its cash surrender value. If further payments are required on the policy, you will receive a charitable donation receipt for all payments made after the policy is assigned to the Foundation.
Donating a new policy
It’s also possible to purchase a new life insurance policy and designate Lady Minto Hospital Foundation as the owner and beneficiary. In doing so, you will receive charitable donation receipts for the full amount of all annual premiums paid.
Naming Lady Minto Hospital Foundation as a primary or co-beneficiary of a policy
Any death benefits paid directly to the Lady Minto Hospital Foundation under the policy will entitle the donor’s estate to a donation receipt. As death benefits are paid directly to Lady Minto, probate taxes can be avoided and the risk of creditor claims against the estate can be minimized.To learn more about making a charitable gift of life insurance, please consult your insurance broker or legal, tax or financial advisor. You may also call 250-538-4845 or send an e-mail to LadyMinto.Foundation@viha.ca to get started.