Gifts of Life Insurance
A gift of Life Insurance is an easy and affordable way to make a difference in your community. A modest annual premium paid over time can result in a significant future legacy to Stella’s Circle.
Gifts of life insurance have several advantages for the donor:
- This type of gift does not reduce the value of your estate for your loved ones
- You can choose when you receive the tax benefits (depending on whether or not you retain ownership of the policy)
- Unlike gifts in a Will, a gift of life insurance cannot be contested
- Life insurance offers a private way to give as it is not a matter of public record
“I can’t reiterate enough how appreciative I am for the help that I got. It was really a life changing experience for me.”
How to make a gift using Life Insurance:
Donate an existing policy: You may donate a paid-up life insurance policy that has outlived its original purpose by naming Stella’s Circle Foundation as the owner and beneficiary of your policy and receive an immediate tax receipt for the fair market value of the policy.
Transfer the ownership of an existing policy on which premiums still owe: This type of gift is most suitable for donors who have the cash flow to continue making premium payments. You would receive a tax receipt for the fair market value of the policy and tax receipts for subsequent premium payments.
Name Stella’s Circle Foundation as the owner and beneficiary of a new policy: You may purchase a new life insurance policy and name Stella’s Circle Foundation as both owner and beneficiary of the policy. You can choose to pay the premiums directly to the insurance company, or make a donation to Stella’s Circle Foundation equivalent to the cost of the premiums and Stella’s Circle Foundation will make the policy payments. The premiums are eligible for a tax receipt, making this an inexpensive way to leave a substantial legacy.
Designate Stella’s Circle Foundation as the beneficiary for a new or existing policy: You may designate Stella’s Circle Foundation as the beneficiary of a policy for which you retain ownership. In this case, your estate will receive a charitable tax receipt for the value of the death benefit. This receipt can be used to offset tax payable on the final tax return. This is quite beneficial if you’ve accumulated assets that would be subject to a significant tax liability upon your death. It may allow your heirs to receive a higher value of your estate while Stella’s Circle receives a significant gift.
Contact Stella’s Circle:
Contact Cathy White, Donor Relations, at c.white@StellasCircle.ca or 709-738-7730 for more information about our Planned Giving opportunities.
Registered Charitable Information:
Stella’s Circle Foundation Inc.
142 Military Road, St. John’s, NL A1C 2E6
Charitable Registration #: 84218487RR0001
Disclaimer: Stella’s Circle Foundation Inc. has prepared this document for information only; it is not intended to be legal or financial advice. You should consult a legal or financial professional about your unique circumstances before acting on this information. Stella’s Circle Foundation Inc. and its affiliates and partners excludes all liability for anything contained in this document and any use you make of it.