Gift of Life Insurance
You can amplify the amount of your charitable gift, and have the satisfaction of knowing your giving is helping us continue our support of Hellenic projects and initiatives throughout our community and across Canada.
Not only can you make a larger gift, at relatively little cost to you, but you can also benefit from significant tax breaks.
HOW IT WORKS
There are three ways to give a gift of life insurance:
- Take out a new policy and make Hellenic Heritage Foundation the owner and beneficiary of the policy. You’ll pay the annual premium payments and receive a charitable tax receipt annually for the amount paid.
- Take out a new policy or change the beneficiary of an existing policy that you own to Hellenic Heritage Foundation. Your estate will receive a charitable tax receipt for the value of the insurance proceeds.
- Transfer an existing policy to the Hellenic Heritage Foundation:
With premiums still owing: Make the Hellenic Heritage Foundation the owner and beneficiary of the policy. You continue to pay the annual premium payments and receive a charitable tax receipt annually for the amount paid. You also receive a charitable tax receipt for the cash surrender value of the policy at the time of transfer to the Hellenic Heritage Foundation.
Fully paid up policy: Make Hellenic Heritage Foundation the owner and beneficiary of the policy. You receive a charitable tax receipt for the cash surrender value of the policy at the time of transfer to the Hellenic Heritage Foundation.
All of these options allow you to make a significant donation to the Hellenic Heritage Foundation
RESOURCES
A gift of life insurance allows you to multiply your generosity and receive tax benefits—at relatively little cost. Through your gift, you can leave a lasting legacy that will help make a significant and enduring impact on the Foundation’s operations and activities for years to come.
HOW IT WORKS
How you choose to give a gift of life insurance depends on whether you would like the tax benefit now, or for your estate. There are three ways to give:
- Donate a fully paid-up individual life insurance policy you no longer need by designating Hellenic Heritage Foundation as the new irrevocable owner and beneficiary of the policy. You’ll receive an immediate charitable tax receipt for the net cash surrender value.
- Purchase a new life insurance policy and name Hellenic Heritage Foundation as the irrevocable owner and beneficiary. You’ll receive a charitable tax receipt for the premiums you pay to maintain the policy.
- Name Hellenic Heritage Foundation as the beneficiary of a life insurance policy. When the proceeds of the policy are paid, your estate will receive a charitable tax receipt for the full value of your gift.
WHY IT MAKES SENSE:
- You can customize the way you use a life insurance policy depending on your financial situation.
- The proceeds of your life insurance policy can’t be contested or claimed by creditors.
- There are no administrative costs or probate fees, and no negative impact on your estate’s assets.
- You can enjoy tax savings now or for your estate.
- You have the satisfaction of knowing you are making a meaningful impact on your community’s wellbeing.
- You can leave a lasting memorial for your life or the life of a loved one.
NEXT STEPS:
- Talk to your lawyer and/or financial planner to discuss what giving option works best for your goals and needs.
- Contact your insurance provider to arrange to transfer ownership of a policy, create a new policy or change the policy beneficiary to Hellenic Heritage Foundation.
- Once you’ve made your gift, please let us know so that we can show our appreciation.
Legal Information:
For CRA purposes, we file under Hellenic Heritage Fund, and indicate that we operate as Hellenic Heritage Foundation, bearing registration number 887769297 RR 0001