You can help those in desperate need by making a powerful donation of life insurance When a Canadian is critically ill and stranded outside of the country without the funds to get home and receive life-saving care, Global Angel Charitable Organization flies to their aid. Putting your generosity into action, they arrange and provide safe travel and a highly trained medical escort. For those in palliative care, they also provide transport to special
events or places, to fulfill a meaningful last wish.
Tax-smart gifts, made easy The easiest way to use life insurance as a powerful donation tool is to make the Global Angel Charitable Organization the beneficiary and owner of a new insurance policy, or an existing policy you don’t need any more.
When you do so, you will receive charitable tax receipts for your premium payments, which will allow you to lower the amount of
annual tax you pay.
Or, should you assign Global Angel Charitable Organization as the beneficiary (but not the owner) of a policy, your estate receives a tax receipt for the entire value of your policy’s death benefit. In this case, because the policy’s beneficiary may be changed at any time, your premiums are not tax-deductible.
You can be outstandingly generous in your support of Global Angel by using the multiplying ability of life insurance to leave a bigger donation than you could ever dream of.
1. Do good, on a big scale. When you assign the ownership of a policy to the Global Angel Charitable Organization, your kindness will touch the lives of critically ill people, in genuine need.
2. No lawyer is needed to set up your insurance policy. We do recommend that you speak with an insurance advisor with expertise in making charitable gifts through insurance.
3. Giving through insurance is affordable. Choose a policy with
manageable premiums, that suits your personal circumstances and goals.
4. Your gift is multiplied: In many cases, your insurance professional may be able to arrange a policy with a death benefit
that grows over the years, outpacing the amount you’ve paid in premiums.
5. Great tax advantages: You can either lower your taxes during your lifetime using charitable tax receipts issued for all the premiums you pay, or your estate can benefit from tax relief resulting from a charitable receipt issued for the full death benefit received by your charity.
In addition, a gift of insurance does not have to go through probate!
6. Incontestable: Because a gift of insurance bypasses probate, it can’t be contested.
Benefits of making gifts of insurance from this…
7. No effect on what you leave to your heirs: Your gift of life insurance is outside of your estate and does not affect what you leave to your heirs.
In fact, the tax advantages of giving through insurance can allow you to leave even more to your loved ones -
or to other charities – in your will.
8. You don’t have to change your will to make charitable gifts of
insurance. The death benefit is not considered a bequest, and therefore doesn’t need to be in your will.
However, you may want to include mention of it, so your executor can inform the charity of your passing, allowing them to apply the death benefit of your policy immediately toward their good works.
Turn your gift of insurance into a gift of life …. www.charitiblelegacyinsurance.ca
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