Gifts of Life Insurance
Giving a gift through life insurance is a unique way to provide the Church with truly meaningful support in a very economical way. Gifts of life insurance allow people of all means to make truly remarkable gifts to their Parish or the Diocese.
There are three different ways to give a gift of life insurance:
Purchase a new policy, and name your Parish or the Diocese as the owner and beneficiary. The premiums you pay on the policy are then deemed a charitable donation for which you receive a tax receipt.
Donate an existing policy that you no longer require. Once you assign the policy to your Parish or the Diocese, its cash value qualifies as a charitable donation for which you receive a tax receipt. Likewise, any ongoing premiums you pay are considered donations and are eligible for tax receipts.
Name your Parish or the Diocese as the beneficiary of an existing policy over which you maintain ownership. Upon death, a tax receipt is issued to your estate and the payment issued to your listed beneficiary.
The benefits of giving to the Church through life insurance:
You can make a substantial and meaningful future contribution with modest, tax-deductible premium payments.
The regular assets in your estate are retained for your family since your investment in the Church is made out of income.
You immediately become a major benefactor of your Parish or the Diocese, knowing that you will extend your support of the Church beyond your lifetime.
Your gift will not be reduced by taxes, legal fees, probate, or administration costs and the gift cannot be contested.
There is no delay in payment as insurance proceeds pass to the Church outside the estate.
You save income tax through tax credits realized from annual premium payments when the Church is made owner and beneficiary of your policy.
Life insurance gifts can be structured to suit any financial situation. Consult your financial advisor for further advice.
For more information about making a gift of life insurance, please contact Francis Doyle at 905-528-7988 ext. 2235, or by email using the information at left. All calls are confidential.