Life insurance policiesoffers flexible and creative ways to support medical care in our communities and meet your planning needs. As there are many types of insurance products available consultation with your insurance advisor and Foundation staff is highly recommended.
When you transfer ownership of a policy to the QEII Health Sciences Centre Foundation, any premiums paid are considered to be a charitable donation for which you receive a tax receipt. The resulting tax credit greatly reduces the cost of the eventual gift of the death benefit that can be many times the actual premium cost. Life insurance can be a great way to establish a future endowment fund. Click here for an example of how this gift works.
Alternately, you may name the QEII Foundation as policy beneficiary only. In this case you retain ownership of the policy so a tax receipt is not issued for the annual premiums. However, a tax receipt will be issued for the death benefit resulting in a tax credit that your executor may use on your final return to offset other income tax. Click here for an example of how this gift works.
You may wish to make a major outright gift today but you may be reluctant as you do not want to diminish your children’s future legacy. One strategy is to purchase a life insurance policy with a face amount equal to the amount contributed to the QEII Foundation, with your children named as beneficiary. The policy proceeds, payable at your death will replace the cash asset that is removed from your estate through the donation. In some cases the cost of the policy could be entirely offset by the tax credit from the original donation.
A life annuity available from a life insurance company will pay a guaranteed amount for your lifetime, usually at a much higher after-tax payment rate than you receive from your fixed income investments. Some of this increased cash flow could be used to pay the premiums on a charitable policy assigned to the QEII Foundation. A charitable tax receipt is issued for the premium payments, reducing the cost of this policy.
Depending upon your age there could be enough cash flow generated from the annuity to purchase a second insurance policy in favour of your heirs, providing a second legacy. Click here for an example of how this gift works.
Charles O'Neil, director of gift planning at the QEII Foundation, is available at (902) 473-7932 or at qe2-hsc.ns.ca to explore all options available. All discussions are held in strict confidence and do not require any commitment on the part of the donor.
The QEII Foundation is a participating charity of Charity Life Direct, a company that offers pay-life insurance policies that charities can purchase on behalf of donors, without medical or doctors' visits. That way, donors do not have to commit to a long payment period of a traditional life insurance policy
The information on this website is provided for the general information of donors and friends of the QEII Health Sciences Centre Foundation. It is not intended to be a substitute for professional legal or financial advice. As individual situations may differ you are strongly advised to consult with your own professional legal, estate planning and financial advisors before deciding upon a course of action.