An Affordable Way to Leave a Legacy
Life insurance can be an affordable way to leave a legacy that transforms lives even after you die. There are several ways to use life insurance in your planned giving.
Donate to Lymphoma Canada through a policy that you own
You can name Lymphoma Canada as the beneficiary of a life insurance policy that you own. You control the policy and Lymphoma Canada receives the insurance payment when you die.
Because you continue to own and control the policy, you can choose to change the beneficiary. You can’t claim tax deductions on the premiums you pay, but when you die Lymphoma Canada can issue a tax receipt to your estate. That may reduce the income tax that your estate pays, since capital gains and RRSP proceeds are taxed on your final return.
Donate a fully paid policy that Lymphoma Canada will own
Sometimes people find their financial situation has changed. They may hold fully paid life insurance policies that they don’t need any more. In that case, you can transfer ownership of the fully paid policy to Lymphoma Canada and name the organization beneficiary. Control of the policy passes to Lymphoma Canada and you cannot change the beneficiary later. We issue you a donation receipt right away for the fair market value of the policy.
Donate a partially paid policy that Lymphoma Canada will own
Another option is to assign a new or partially paid policy to Lymphoma Canada as owner and beneficiary. Control of the policy passes to Lymphoma Canada and you are no longer able to change the beneficiary. You continue to pay the premiums on the policy, and each year those premium payments qualify as a donation on your income tax return.