LIFE INSURANCE

A gift of Life Insurance is a simple and easy way to support Campbellford Memorial Hospital Foundation while allowing you to make a significant gift that you might not otherwise be able to give. In addition, you can make a gift of either a new or existing policy.

HOW YOU BENEFIT FROM A LIFE INSURANCE GIFT

EASY WAYS TO MAKE A GIFT OF LIFE INSURANCE

  1. You can take an existing policy that has finished serving its original purpose and simply have the ownership and beneficiary designation transferred to Campbellford Memorial Hospital Foundation. This designation cannot be changed. A charitable tax receipt will be issued for the worth of the policy at the time of transfer. Any continued premium payments also qualify for a charitable tax receipt. There are tax advantages to retaining your current policies. Campbellford Memorial Hospital Foundation strongly recommends that you discuss this matter with your insurance agent before any transfer takes place. However, you will not receive a tax receipt for any premiums paid, and your estate will not be issued a tax receipt. Revenue Canada has ruled that ONLY when the charity is owner and beneficiary of the Life Insurance Policy, can a tax receipt be issued.
  2. You can purchase a new Life Insurance Policy. After one premium payment has been paid, Campbellford Memorial Hospital Foundation is named as the owner and beneficiary. You continue to pay the premiums and receive a charitable tax receipt for those payments. Again, this designation cannot be changed.
  3. It may be to your advantage to name your estate as the beneficiary of your life insurance policy, and then make a same dollar amount bequest in your Will to Campbellford Memorial Hospital Foundation. You will not receive a tax receipt for any of the premiums paid during your life. However, your estate will be eligible to claim a donation for the full amount of the insurance proceeds.
  4. You can name Campbellford Memorial Hospital Foundation as your beneficiary only on your individual or group life insurance. You retain ownership of the policy. You can change the beneficiary designation at any time. If you are a salaried employee and have a benefit plan that has a death benefit component to it, consider naming Campbellford Memorial Hospital Foundation as the beneficiary.

Please seek expert advice.

A life insurance agent should review in detail what would best fit your needs. Before considering a planned gift of Life Insurance, you should already have satisfied any need for Life Insurance for the protection of your family. For further information, please call our office at 705-632-2014.