Gift Life Insurance
Insuring the Future
Marcel & Shara Pothier have chosen to make a major gift to the Yarmouth Hospital 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.
Gifting a life insurance policy will turn small monthly premiums into a significant gift to support health care in the Tri-Counties.
How to Make a Gift of Insurance
There are several ways to make a gift of life insurance to Yarmouth Hospital Foundation:
- You can purchase a life insurance policy and make Yarmouth Hospital Foundation both the beneficiary and owner. With this option, you will receive a tax receipt for the premiums paid. This way, you are able to make a substantial future gift at a considerably reduced after-tax cost.
- You can assign an existing policy to Yarmouth Hospital Foundation. 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).
- You can name Yarmouth Hospital Foundation 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.
Opting for this approach is a great way to craft a long-term gift to Yarmouth Regional Hospital to support health care in the Tri-Counties. You can start out with an amount you can afford, and over time it will grow into something substantial.
We can Help
Contact Mary Surette, Managing Director, to explore all of the options available.
Mary is available at (902) 749-1669 or Mary.Surette@nshealth.ca
All discussions are held in strict confidence and do not require any commitment on the part of the donor.