While caring for her ailing father, Lorna experienced first-hand the gaps that exist within seniors' health care, particularly for patients with dementia.
Life insurance can be an economical way to create a large and lasting charitable gift, and some policy donations can also result in significant tax savings during your lifetime or for your estate.
We strongly recommend that you fully discuss your options and/or intentions with a professional expert to get advice that's correct for you.
Four options, four benefits
- Name SFU as a beneficiary of your insurance policy: Your estate will receive a donation receipt for the value of the policy, which will offset income taxes due to your estate.
- Donate a paid-up policy designating SFU as the irrevocable owner and beneficiary: This will trigger a tax receipt from SFU for the cash surrender value at the time it is transferred.
- Purchase a policy designating SFU as owner and beneficiary: All premium payments can then be claimed as a charitable donation on your tax return.
- Donate ownership of an existing policy and name SFU as a beneficiary: SFU will give a tax receipt for the cash surrender value of the policy, and annual donation receipts will be generated for the value of your premium payments.
Some gifts involving life insurance require pre-approval by the university and others do not. We’d love to talk with you about your plans. Click here to contact us.