Making a gift of life insurance is an easy and affordable way to establish a significant future gift to Wellspring.
Benefits of Making a Gift of Life Insurance
- Donating by means of a life insurance policy allows you to make a larger gift to Wellspring than you may have thought you could afford, at a relatively low cost. You can make a substantial and meaningful future contribution with modest tax deductible premium payments.
- A gift of life insurance does not reduce the value of your estate for your loved ones.
- You can immediately become a major benefactor to Wellspring and be eligible to receive appropriate recognition during your lifetime.
- A gift of life insurance allows you to structure your tax credits to suit your financial situation - you can receive an annual tax credit or your estate can receive a tax credit in the year of death.
- You can designate your gift to a Wellspring program of choice or establish an endowment fund to extend your gift beyond your lifetime in areas of interest.
Establishing a Gift of Life Insurance
- You can make Wellspring the beneficiary of an existing life insurance policy, or a new one. For the cost of a monthly premium (a tax deductible expense), you can leave a major bequest.
- You can donate an existing policy and receive a tax receipt for the cash surrender value and any subsequent premiums paid, simply by designating Wellspring as the irrevocable owner and beneficiary.
- Or, you can donate a new policy to Wellspring. You will receive a tax receipt for the full amount of premiums paid after the date of transfer, again by designating Wellspring as the irrevocable owner and beneficiary.
- You can also name Wellspring as the beneficiary of a life insurance policy from your employer. A donations tax deduction for the estate will be available when the death benefit proceeds from the policy are paid directly to Wellspring.
Please ask your legal or financial advisor whether this giving option is right for you. Wellspring would be pleased to provide more information. Please contact Julie Cookson at Julie@Wellspring.ca or 416-961-1928 x230.