Gifts of Life Insurance
DID YOU KNOW?
Tax savings can apply in your lifetime, or for your estate.
Gifts of Life Insurance
When you give a new or existing life insurance policy to the Northern Cancer Foundation, you’re turning small monthly premiums into a significant gift!
The insurance benefit will eventually be paid directly to the Northern Cancer Foundation and is separate from your estate, so there are no administrative costs or probate fees. Your gift has no effect on your estate’s assets and you’ll receive a charitable tax receipt that can be used in your lifetime or for your estate.
Ways to donate life insurance:
- Name the Northern Cancer Foundation as the beneficiary of a policy. Your estate receives a tax receipt for the proceeds of the policy.
- Transfer ownership of a paid-up policy with the Northern Cancer Foundation named as the beneficiary. You can receive a current tax receipt for the fair market value of the policy or defer the tax receipt for your estate.
- Transfer ownership of a partially paid-up policy with the Northern Cancer Foundation named as the beneficiary. You will get a tax receipt for the fair market value of the policy and annual tax receipts for your ongoing premium payments.
- Take out a new policy with the Northern Cancer Foundation as the owner and beneficiary and receive annual tax receipts for your ongoing premium payments.
To make a gift of life insurance, contact our Gift and Estate Planning Team and your insurance provider to transfer ownership of a policy, create a new policy or change the policy beneficiary to the Northern Cancer Foundation.