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Yarmouth Hospital Foundation

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Gift of Life Insurance

Marcel & Shara Pothier

Insuring the Future
Marcel & Shara Pothier have chosen to make a major gift to the Foundation by investing in an insurance policy. "We can write a small cheque every month for an insurance policy that will be payable to the Foundation when we pass" says Shara. Opting for this approach is a great way to craft a long term gift to the hospital. You can start out with an amount you can afford, and over time it will grow into something substantial.

There are several ways to make a gift of life insurance to a charity.

  1. You can purchase a life insurance policy and make a charity both the beneficiary and owner. With this option, you will receive a tax receipt for the annual premiums paid. This way, you are able to make a substantial future gift at a considerably reduced after-tax cost.
  2. You can assign an existing policy to a charity. You will receive a tax receipt for any cash value in the policy. While there may be a taxable gain to report as income, the resulting tax credit could be greater than any income tax triggered by the donation. In some cases, it may be possible to receive a tax receipt for the fair market value of the policy as determined by an actuary (less any policy loans outstanding).
  3. You can name a charity as a beneficiary of a policy without transfer of ownership. In this case, an immediate tax receipt is not issued, but your estate will receive a tax receipt when the policy is paid upon your death. The receipt will produce a tax credit for your final tax return.

A life insurance policy naming a charity as a beneficiary is processed outside of your estate and therefore, is not subject to probate fees or challenges to your will.

Paulette Sweeney-Goodwin, CFRE Paulette Sweeney-Goodwin, CFRE

Contact Paulette Sweeney-Goodwin, Managing Director, to explore all of the options available. Paulette is available at 902 749-16692 or
Paulette.Sweeney@nshealth.ca

All discussions are held in strict confidence and do not require any commitment on the part of the donor.