Making a gift of life insurance
Life insurance: 3 ways to make a gift
With life insurance, there are three ways to make a gift to Catholic Missions In Canada:
- You may purchase a new policy on your life and name Catholic Missions In Canada as the owner and irrevocable beneficiary. You will receive charitable donation receipts for the annual premiums paid by you each year. Receipts can only be issued for premiums paid AFTER the transfer of ownership to the charity. It is important to discuss this point with your agent before you make your first premium payment.
- You may transfer an existing policy by naming Catholic Missions In Canada as the owner and irrevocable beneficiary. This could be a policy, for example, that was taken out to cover a mortgage that is now fully paid. We will issue a charitable donation receipt for the ‘fair market value' instead of 'cash surrender value' and for any subsequent premiums that you pay in the future. This type of transfer of an existing policy could result in some taxable income; however, the tax credit you will receive from your donation will most often offset any tax due.
- You can name Catholic Missions In Canada as a revocable beneficiary on a new or existing policy.
Upon receipt of the proceeds following your death, a charitable donation receipt will be issued to your estate for the full amount.
For more information, fill out a Request Information Form or
please contact Winnie Quinn, our Charitable Gift Planning Manager at
Toll-free: 1-866-YES-CMIC (937-2642)
or via e-mail at firstname.lastname@example.org