HOW IT WORKS:
- Your gift to charity is assured with a paid-up policy or through a policy with ongoing premiums paid by the donor;
- New or existing policies can be gifted to Abundance Canada. You may choose to continue paying premiums directly to the insurance company or donate the money to Abundance Canada to pay premiums;
- Within days or weeks of your death, the insurance proceeds are paid directly to Abundance Canada outside of your estate;
- A charitable tax receipt may be issued to you for the value at the time of the transfer of an existing policy to Abundance Canada. A receipt can also be issued for ongoing premium payments but only if you have also irrevocably transferred ownership of the policy to Abundance Canada;
- You can purchase one policy, instead of purchasing multiple charitable life insurance policies, to benefit several charities and name Abundance Canada as the owner and beneficiary or just the beneficiary;
- You may then recommend to Abundance Canada (on a separate document) how the proceeds of that policy should be managed or distributed;
- You may amend your recommendations at any time without cost;
- Using Abundance Canada to distribute the proceeds from your charitable life insurance policy will save you money and provide flexibility.
- Life insurance proceeds flow outside your estate and will reduce probate fee costs;
- You can enjoy significant tax savings either today or in your estate;
- A gift of life insurance is not subject to challenge by an estate beneficiary or secured creditor;
- You may make the distribution anonymously, if you wish;
- You can leverage your charitable giving without significantly diminishing your estate;
- Life insurance gifts reach the charities much more quickly than those given through the estate.
Keep track of important information with our Personal Information Directory.