Gifts of Life Insurance
There are many ways in which Gifts of Life Insurance can help you achieve your personal and charitable goals.
A Gift of Life Insurance is a creative way for you to build the Friends of The Moncton Hospital Foundation’s long term financial strength without diminishing your own - even a relatively small commitment can provide great benefits for the Friends.
There are many ways for you to make a Gift of Life Insurance:
Significant gifts at affordable cost can be made through new life insurance policies. There are three ways of giving new life insurance policies to the Friends:
Policies where you name Friends both owner and beneficiary
Policies where you name Friends as beneficiary only
Policies that you purchase to replace other financial assets you have previously donated
If you have an existing life insurance policy that exceeds your current needs you could donate it to the Friends. By naming the Foundation owner and beneficiary you will be entitled to a donation receipt for the net cash surrender value of your policy. Here are the ways of giving existing life insurance policies to the Friends:
Policies where you have decided to stop paying premiums
Policies where you have no remaining premiums
Depending on how your gift of life insurance is structured, tax benefits may be realized either immediately or in the future.
SEEK FINANCIAL AND LEGAL ADVICE
We strongly recommend you seek professional advice to ensure your financial goals are considered, your tax situation is reviewed, and your planned gift is tailored to your circumstances.