LIFE INSURANCE

A life insurance policy, naming the Spirit of the North Healthcare Foundation as owner is a very efficient way to make a sizeable donation to the Foundation, at a minimum cost.

The gift of a life insurance policy generates a very generous contribution that is often larger than would be possible out of an individual's income, and also provides tax relief, often in the years of maximum earnings when it is most welcome.

Gifting of an Existing Policy

Although most gifts of life insurance are new policies, many donors find themselves with an existing one that is no longer needed. By assigning ownership to the Foundation, they receive an immediate tax receipt for the cash surrender value of the policy (less any interest earned). Any premiums which are still owed are also entitled to a tax receipt for each premium paid.

Gifting of a New Policy

A donor may decide that the best way to donate to the Foundation is by purchasing a new life insurance policy. An independent life insurance agent should be contacted to help the donor make the right decision. If the Foundation is designated as the owner and beneficiary of the policy, the donor is entitled to a tax receipt for the premiums paid.The gift of a new life insurance policy enables the donor to leverage a relatively small contribution into a substantially larger one.

Benefits to the Donor

1. The donors particular circumstances are addressed and the appropriate policy is chosen.
2. Tax receipts are issued for the premiums paid OR cash vale.
3. Life insurance benefits do NOT have an impact on the insured's estate value. They are confidential, private, not contestable and not subject to probate.

Benefits to the Foundation

1. Allows the Foundation to thank the donors while they are able to participate in the recognition.
2. The gifts can ensure long term support for the services provided by the Foundation.