With a gift of life insurance, a small investment can have a major impact that has the power to transform the lives of people with diabetes. The best option for you will depend on whether you seek tax relief during your lifetime or for your estate. Flexible choices allow you to decide how you want to give and offer tax incentives for donating your policy.
- A smaller cash investment is an affordable way to leverage making a larger future gift
- Your insurance policy is not part of your estate assets, so it is not subject to administrative costs or probate fees
- A gift of life insurance does not affect what you planned to leave behind in your estate to loved ones
- You will receive a tax savings either in your lifetime or for your estate
Use an existing policy that’s no longer needed for protection or purchase a new one.
Name Diabetes Canada as both owner and beneficiary of the policy.
Consult your insurance/financial advisor before doing the change of ownership/change of beneficiary sequence.
Choose permanent insurance, which builds cash value over time.
Consider the benefits of accelerated funding of your insurance gift.
Note: This information is general and is not intended to be a substitute for professional legal and/or financial planning advice. Diabetes Canada encourages all donors who are planning a significant gift to consult with their family and seek independent legal and/or financial planning advice.
For more information:
Kate Hicks Senior Manager, Planned Giving 1-800-BANTING, ext. 5577 or 416-408-5577 firstname.lastname@example.org
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