Life insurance provides an affordable way to make significant gifts to your favourite charities and worthy causes. By giving through life insurance you can:
make a substantial charitable donation for a comparatively small premium
become a major benefactor right now, rather than waiting years to make your gift from accumulated assets
gain tax benefits and guarantee the value of your gift will not be reduced by taxes, probate, or administrative costs
make a significant gift of funds that are considered independent of your estate, and therefore cannot be challenged
keep your gift private and confidential.
There are many options for making a gift of life insurance. Some, like the first three listed below, can provide for a generous future gift while offering immediate tax relief. The method you choose will depend on your preference and circumstances.
Transfer ownership of an existing, fully-paid policy - Perhaps you hold a policy that, while fully paid, is no longer required as your family has grown or your financial situation changed. You can transfer ownership of the policy to the charity of your choice and name it as the beneficiary. You will receive a donation receipt for the cash surrender value* immediately, just as if you had made a cash donation.
Sign over a partially-paid policy - When you transfer ownership of a policy that is partially paid and name the charity as beneficiary, you will receive a tax receipt for the cash surrender value*, as well as for further premiums you pay on the policy.
Purchase a new policy and make your favourite charity the owner - When you make the charity the owner and beneficiary of a policy, you are entitled to tax receipts for premium payments.
Make the charity the beneficiary of your policy without transferring ownership - The proceeds of the policy will be paid to the charity immediately upon your death. Now new tax regulations allow your estate to receive a charitable tax deduction for the amount of the insurance proceeds.
Make your estate the beneficiary of the life insurance policy and bequeath the amount of the policy to your charity in your Will - You will not receive tax benefits during your life, but your estate's tax liability will be reduced. However, your donation will be delayed while your estate is processed and because your Will can be challenged or your estate reduced by fees/creditors, the full value of your intended contribution to your charity may be diminished.
* When you receive a tax receipt for the cash value, you may have to claim some portion of the cash value amount as income to offset the tax credit.
Please contact us today for your no-obligation consultation. We look forward to helping you and your family.
To learn more simply fill out this form or call us at 416-364-2929 or 1-866-566-2001.
"In my position I deal with thousands of professionals and corporations annually and in the main virtually everyone is wonderful but I must tell you that there are only a few very special individuals-what I call the "good guys" in life - the real deal. I can honestly tell you from the heart that Mark Halpern is one of them and we are proud to recommend Mark to our clients, have him as a client but most important, to call him a friend."
John Danson
Cleveland Clinic Canada
"Mark's knowledge about the various Critical Illness insurance products in the marketplace was exceptional. What most impressed me was that he was much more than Critical Illness insurance. His overall approach and recommendations were very diverse and I have since referred him to our accountant to assist with tax and estate planning strategies. I also appreciated Mark's cautious approach with the underwriting of my application... this ensured that I got the right amount of coverage that I wanted and needed."
Dr. Sammy J. Sliwin M.D., FRCSC
Forest Hill Institute of Aesthetic Plastic Surgery
"I called Mark after hearing his radio advertisements on 680 News. What struck me about these ads were they had a very clear message and were direct and to the point. Over the past few years, I had encountered my share of challenges in trying to obtain the right level of life insurance for myself and my family; and after listening to these ads a few times while driving in to work I thought that Mark might be able to help.
I was right. When we met, my wife and I found him courteous, well-informed, and well-organized. The very thorough planning process he took us through at our first meeting helped us identify areas of weakness that needed to be fixed. He was very well versed in all the different kinds of life insurance policies that were available; and given the rather limited knowledge my wife and I had in this area, we learned much from that first meeting.
He also inspired trust. This was important to us - as I am sure it is to most people - in view of all the personal financial information that needed to be shared with him during the planning process.
In short, Mark was successful in getting us the life insurance we needed; and for this, we will be forever grateful. It was also a pleasure doing business with someone as persistent, helpful, knowledgeable, and customer-friendly as Mark; and I would have no hesitation at all in recommending him to anyone who is in the market for life insurance.
Thank you, Mark, for your help."
Govind Menon
Senior Portfolio Manager
Canada Pension Plan Investment Board
"Mark has been our Insurance and Financial Advisor for fifteen years. We trust him implicitly to always find us the best solutions to meet our changing needs. What is truly amazing is that even after all this time, Mark still maintains the same incredible, personalized service he provided from the outset. Mark, you're the best in the business!"
Lee Rand
President
Rand Research Corporation