A gift of life insurance allows you to arrange
for a large future gift at a reasonably low annual cost and receive
tax benefits today. Depending on your age and health, a reasonably
small outlay could fund a very large payment at death. It may be an
existing policy you no longer need or one bought specifically for
donation. Typically it will be a whole life policy that has a cash
surrender value. If you have an existing policy which is no longer
needed for the welfare of your business or family, you can donate
that policy by making Project Ploughshares the owner and beneficiary.
You will be issued a tax receipt for its cash surrender value, as
well as any future premiums paid on the policy. If you take out a
new policy, assigning Project Ploughshares as owner and beneficiary,
you will receive a tax receipt for the full amount of the annual premiums
you pay.
The life insurance proceeds are paid on your death
directly to Project Ploughshares. Since Project Ploughshares owns
the policy, the proceeds pass outside of your estate, so probate
does not apply. That will keep the gift private if you desire, save
your estate probate fees, and speed the payment to Project Ploughshares.
A gift of life insurance can be arranged through your
insurance agent. For premiums to be tax-creditable, the policy must
be irrevocably assigned to Project Ploughshares. Another way of
arranging life insurance is to work with a United Church of Canada
Special Gifts Consultant. The Department of Stewardship Services
of the United Church of Canada has arranged for a simple and straightforward
insurance package which allows you to make an insurance gift without
a medical, questionnaire or other administrative worries. The gift
is made as soon as you fill out and mail in the commitment form.
Premiums are tax-creditable. If you are interested in arranging
a gift of life insurance through the United Church of Canada, we
can provide the name of a United Church Special Gifts Consultant
near you.
If you would like someone from Project Ploughshares
to contact you to discuss these matters in more detail, please complete
our form and
return it to our office.
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