Learn About Giving Life Insurance

More than $12.5M of $18M raised!

Learn About Giving Life Insurance

Supporting health care in your community with a gift of life insurance.

There are a number of ways to support the WDMH Foundation with a gift of life insurance. It’s best to discuss these options with your financial advisor and with us to see which is the best route for you, your financial situation, and WDMH Foundation policies.

Listing the WDMH Foundation as the beneficiary of an existing policy

You can list the WDMH Foundation as the beneficiary of an existing policy and maintain control over the policy. Once the gift is received, your estate will receive a charitable income tax receipt for the full amount that the Foundation received from your gift.

Listing the WDMH Foundation as the owner and beneficiary of an existing policy

You can transfer an existing policy by naming the WDMH Foundation as the owner and beneficiary. If the policy is paid up, no additional premiums need be paid by you or the WDMH Foundation. The charitable income tax receipt is issued in life for the cash surrender value of the policy plus any accumulated dividends and interest at the time of the transfer. If you continue to fund future premiums, these amounts will also be eligible for a charitable income tax receipt in life.

Listing the WDMH Foundation as the beneficiary of a new policy

You can list the WDMH Foundation as the beneficiary of a new policy and maintain control over the policy. Once the gift is received, your estate will receive a charitable income tax receipt for the full amount that the Foundation received from your gift.

Listing the WDMH Foundation as the owner and beneficiary of a new policy

You can also take out a new policy with the WDMH Foundation as the owner and beneficiary of the policy to receive a charitable income tax receipt in life. It is important that the Foundation is both the owner and the beneficiary. If the Foundation is not made the owner, no gift will have been made in life, and no charitable income tax receipt can be issued in life. Under this type of arrangement, each year you pay the premiums, and the Foundation issues an annual charitable income tax receipt for these premiums. The insurance proceeds will be paid directly to the WDMH Foundation upon your passing.

If you are interested in receiving more information, please reach out to Erin Kapcala, Manager of Major and Planned Giving at 613-292-7468 ekapcala@wdmh.on.ca. We encourage you to discuss your plans with your family, your advisors, and with us.

DISCLAIMER
This information, obtained from various sources, is believed to be reliable, but its accuracy cannot be guaranteed. This information is not intended as legal, financial, or tax planning advice. When considering any planned or legacy gift, you should always consult your professional advisors to determine the applicability for your specific circumstances.

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