Designating a charity as the beneficiary of an existing or new life insurance policy is an effective way to create a lasting legacy of caring that will live on to support future generations.
Other benefits of making a gift of life insurance:
- Create tax benefits either now or for your estate (depending on how your gift is arranged); and
- Fund a significant legacy gift by investing a small to moderate amount of personal assets.
What to do next
In order to make a gift of life insurance, contact your insurance agent or financial planner and St. Paul’s Foundation. Working together, we will arrange a gift of insurance that best suits your estate planning priorities. You may already own a life insurance policy which would make a suitable gift or you may wish to purchase a new policy. Purchase of a new policy may require health screening to determine your “insurability.” To make a beneficiary designation on a life insurance policy, it is important that you include the full legal name of the charity.
Our Legal Name: ST. PAUL’S HOSPITAL FOUNDATION OF VANCOUVER
Our Charitable Registration Number: 11925 7939 RR0001
Options to Consider
You may designate St. Paul’s Foundation as the beneficiary of an existing life insurance policy. When we receive payment from the insurance company, on the policy, we will issue a charitable tax receipt to your estate.
Alternatively, you may transfer ownership of an existing or new policy to St. Paul’s Foundation, provided the policy is a whole life or universal life policy and provided that the Foundation has agreed to accept the policy as a gift. Once the policy is transferred, we will issue a charitable tax receipt to you, each year, following your payment of the annual insurance premium. (We may also be able to issue a charitable tax receipt for the cash surrender value of an existing policy at the time it is transferred to us.) Under this scenario, a tax receipt would not be issued to your estate following death.
- St. Paul’s Foundation does not sell life insurance policies nor do we accept all policies offered to us as gifts.
- Please speak with your life insurance agent or financial planner to ensure you understand how your intended gift of a life insurance policy will impact your estate and your current tax status.
Please contact us to learn more. Thank you!
While we are not able to provide individual legal or accounting advice to individuals who are contemplating a charitable gift in their estate plans, we welcome an opportunity to discuss your intentions for your future gift and to provide additional information about St. Paul’s and the Foundation.
Thank you for considering a future gift for St. Paul’s!
Karen E. Brown, LL.B
Director, Legacy and Estate Giving
St. Paul’s Foundation