Gift of Life Insurance
Life insurance is a way to make a significant gift in the future at an affordable current cost without reducing the value of your estate available to your family. You can either give an existing policy or take out a new policy naming The Friends of Algonquin Park as the beneficiary.
Make a Gift of Life Insurance
There are four easy ways to make a gift of life insurance, these are:
- Take an existing policy that has finished serving its original purpose and simply give ownership and beneficiary designation to The Friends of Algonquin Park. Please note the designation cannot be changed. A tax receipt will be issued for the worth of the policy at the time of transfer and on any continued premium payments.
- Purchase a new life insurance policy and name The Friends of Algonquin Park as the owner and beneficiary. This can only be done after one premium payment has been made. You continue to pay the premiums and receive a tax receipt for those payments.
- Name your estate as the beneficiary of your life insurance policy and then make the same dollar amount bequest in your will to The Friends of Algonquin Park. You will not receive a tax receipt for the premiums paid during your life however your estate will be eligible to claim a donation for the full amount of the insurance proceeds.
- Name The Friends of Algonquin Park as your beneficiary on your individual or group life insurance, you would keep ownership of the policy. The designation can be changed at any time. You will not receive a tax receipt for any premiums paid during your lifetime however your estate will be eligible to claim a donation for the full amount of the insurance proceeds.
Are you a salaried employee with death benefits? You can name The Friends of Algonquin Park as your beneficiary and your estate would be eligible for a tax receipt for the amount received.
To discuss your gift of life insurance please contact:
The Friends of Algonquin Park
Whitney, Ontario K0J 2M0
Phone: (613) 637-2828 ext. 239
Fax: (613) 637-2138
- Gift of Real Estate
- Residual Interest
- Registered Assets
- Charitable Remainder Trust