Life Insurance

 

A gift of life insurance is a simple and easy way to support The Children’s Hospital Foundation of Manitoba. Many of our donors would like to make a significant contribution, but they may not have the financial resources to do so during their lifetime. A gift of life insurance—whether a new or an existing policy is the perfect answer.   

 

The Benefits to You  
 

•  Convenient – The transaction is simple.  Your life insurance specialist can advise you on the type of policy that would best fit your needs, custom design your program and carry through with the necessary paperwork. 

• Inexpensive – A way to make a larger gift than you might otherwise be able to, without depleting your current assets now or your estate later.  

• Leverage – The ultimate value of your policy will be far more than the premiums you pay.  

• Save Taxes – You receive an immediate tax relief in the form of charitable tax receipts for the premiums paid.        

• Estate Preservation – Your estate is not diminished because life insurance, by its nature, creates an additional, separate “estate”. 

• Eliminates Probate, Legal & Executor Fees – Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to The Children’s Hospital Foundation of Manitoba at maturity or your death. 

• Peace of Mind – You can arrange your gift and know it will occur just as planned.   

• Control – Your gift is not a matter of public record so you may remain anonymous.  Unlike a will, your gift cannot be contested. 

• Recognition – Your gift can be honoured during your lifetime, should you wish.       

 

How does it work? 

 

There are a number of easy ways to make a gift of life insurance.  
 

1. You can take an existing policy you no longer need and have the ownership and beneficiary designation transferred to The Children’s Hospital Foundation of Manitoba. While 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 existing policies.  The Children’s Hospital Foundation of Manitoba recommends strongly that you discuss this matter with your insurance specialist before any transfer takes place.
    

2. You can purchase a new life insurance policy.  After one premium payment has been paid, The Children’s Hospital Foundation of Manitoba 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 The Children’s Hospital Foundation of Manitoba. You will not receive a charitable 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. 
    

For further information, please call our office at 204-787-4400 or email info@goodbear.ca. 

 

Please Seek Expert Advice: The Children’s Hospital Foundation of Manitoba recommends strongly that 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. A life insurance specialist should review in detail what would best fit your needs. Before considering a planned gift of life insurance, you should have already satisfied any need for life insurance for the protection of your family.