“I felt like I wanted my money to have maximum impact in the world, even when I’m not here anymore,” says Abundance Canada client Christine Kampen. Having lived a life led by her innate compassion for others and deep conviction of generosity, by her early thirties, Christine knew that she wanted to go the extra mile in terms of her financial giving. This resulted in the desire to create a long-term gift strategy.
Already familiar with Abundance Canada, she knew that this was the organization to help guide her decision. “If you’re confused or unsure how to give, these are people that have expertise that can help you to give in a way that you can feel good about. Whatever you want to support in the world, you’ll be able to do that with the assistance of people that have that expertise and knowledge,” remarks Christine. After being presented with the idea of donating a gift of life insurance, Christine decided that this was the route she wanted to take.
There are multiple ways to structure a life insurance gift, that you can read about here. The policy Christine chose allows her to pay manageable premiums, while securing a larger gift for the future. “It can be quite a delayed gift,” she explains, “but there is also so much more impact with this option than there is when only donating by credit card.”
To Christine, part of the appeal of a gift of life insurance was the ability to recommend how the proceeds of that policy are to be distributed. In her case, Christine chose to support two charities close to her heart. The process was simplified because she named Abundance Canada as the owner and beneficiary of the policy, which allowed her the flexibility of donating to multiple causes. If she wanted to do it on her own, it is likely that she would have had to purchase a separate policy per cause that she wanted to support. Abundance Canada also provides the option of amending your recommendations at any time without cost. “The empowerment of women is a real focus and passion for my giving,” states Christine. By working with Abundance Canada, she was able to use her single life insurance policy to help fund multiple charities.
Christine supports a combined approach to giving, donating her time, as well as giving financially to meet both short and long-term charitable goals: “Agencies need to have money today and people need money today. So, we wouldn’t want everything to be tied up in life insurance gifts, but I think those longer-term gifts will allow you to give so much more in the long-run.” She suggests that people need not add additional financial obligations to take on a long-term donation. They could allocate a portion of their existing giving towards it. Christine points out that she considered her life insurance premiums part of her tithe for many years. She receives a donation receipt from Abundance Canada for the annual premium payments.
Christine explains her choice to make a gift of life insurance in simple terms: “This is one way to get a lot more bang for your buck.”
If you would like to learn more about making a gift of life insurance to charity, contact an Abundance Canada Gift Planning Consultant today.