A Gift of Life Insurance allows you to make a generous gift to Evergreen, with only minimal outlay of current savings or income. Donors often struggle between their desire to leave a gift to charity and their need to preserve their estate for their families. A gift of life insurance can resolve this conflict.

There are two types of life insurance gifts, revocable and irrevocable, both of which have advantages.

Which option you choose may depend on your personal situation and where you have the greatest need for tax relief.

When you make a revocable gift of life insurance, you retain ownership of the policy and designate Evergreen as the beneficiary. You retain the flexibility to change the beneficiary over time should your circumstances dictate, but tax savings can only be realized by your estate when your policy is paid out.

When you make an irrevocable gift of life insurance, Evergreen is named as both owner and beneficiary of your policy. This type of gift entitles you to an immediate tax receipt for the current cash surrender value of the policy. You will also receive annual tax receipts for any further premiums that you pay.

However, once the gift has been made you are no longer entitled to change the beneficiary.

In order to make a gift of life insurance to Evergreen:

• Name Evergreen as the beneficiary of an existing policy
  Contact your insurance provider to request a change of beneficiary form. Simply complete the form and return it to the insurance company.
   
• Transfer ownership of an existing policy to Evergreen
  Contact your insurance provider to request a change of ownership form. This form requires your signature as well as a signature from an Evergreen official. You will immediately receive a charitable tax receipt for the case surrender value of the policy. If annual premiums are still owing on the policy these remain your responsibility; however, you will receive charitable receipts for all future premiums that you pay.
   
• Take out a new policy
  This scenario is an ideal solution for donors who want to leave a gift to charity, but also want to preserve their existing assets for their families. A life insurance policy allows you to leave a substantial donation to Evergreen for a nominal annual cost (premiums paid). Meanwhile, the value of your estate will remain for you to distribute as you wish.

For more information please contact Nicola Hives:
416-596-1495 x309
1-888-426-3138 x309
nhives@evergreen.ca