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Life Insurance
Benefits
- Makes a larger gift affordable.
- Does not diminish your estate.
- Provides proceeds to the Canadian Diabetes Association that are not reduced by taxes or other fees.
How it works:
- Use an existing policy which is no longer needed for protection, or purchase a new one.
- Name the Canadian Diabetes Association as both owner and beneficiary of the policy.
- The change of ownership/change of beneficiary sequence is very important; be sure to consult your insurance/financial advisor before doing it.
- Choose permanent insurance, which builds cash value over time.
- Consider the benefits of accelerated funding of your insurance gift.
There are tax advantages when you make the Canadian Diabetes Association both the owner and beneficiary of a new or existing policy. You are eligible for a tax receipt for the premiums that you pay annually. If you donate an existing policy, you receive a tax receipt for the cash-surrender value less any outstanding policy loans.
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For more information, contact Lori Sussman, Manager, Planned Giving, at 416-408-7121