​There are various ways of making a gift of life insurance. The type of gift will depend on your client’s objectives, age and family situation.

Surrendering an existing policy. If you no longer need the protection of your life insurance policy, you may surrender it to a charitable organization and continue to pay any premiums still owing, if applicable. Note: this case constitutes a transfer and not a conversion.
Purchasing a new policy. If you wish to make an important donation but your means are modest, you can purchase a life insurance policy and subsequently name a charitable organization as beneficiary. In this case, it is always preferable to spread out the payment of the premiums over a limited period of time, for example, three, five, seven or ten years. For each premium paid, you will receive a donation receipt for the amount of that particular premium.

Designating a charitable organization as the beneficiary of the death benefit. The organization may be named the beneficiary of the death benefit, in whole or in part, of a life insurance policy. It can also be a second or third beneficiary. This ensures protection of the death benefit, in the case where the first beneficiary of the policy passes away before the owner of the policy. The death benefit will then support the organization you have chosen.

In many ways, using a life insurance policy makes it possible to make a major gift while protecting the inheritance of one’s heir(s).

The gift of life insurance can generate significant tax savings for the donor. In order to benefit from these savings immediately, you must designate the organization as beneficiary and owner of the policy. You will then be issued a tax receipt for the fair market value of the policy, if applicable, and a receipt for each premium payment.

As your donation is made while you are living, there are no fiscal advantages for the estate. However, if you foresee that your estate will be left with a heavy fiscal burden, it may be more beneficial for you to name the organization as the beneficiary of your policy, in part or in total, but remain its owner. This way, the donation is finalized at the death of the donor and the fiscal savings are awarded when settling the estate. In this case, you do not receive tax receipts for the premiums paid while living.​One-time gifts, as well as post-dated CHEQUES / MONEY ORDERS for planned giving throughout the year, can be mailed to:

Kimmunity Angels Society 4735 Bolton Avenue Terrace BC, V8G 4T9