Legacy Gift of Life Insurance
Creating your legacy through a Gift of Life Insurance for Health Sciences North Foundation
Giving a new or existing insurance policy allows even people of modest means to make a sizable gift with only a small annual or monthly outlay. In addition, there is a tax credit available for immediate tax relief. You will not reduce your family’s share of your assets by this form of giving because you provide the funds through premium payments out of your current income.
There are many options to use life insurance as a future gift to Health Sciences North Foundation. Ask us about how you wish to build the future.
A meaningful contribution can be achieved through the gift of life insurance. This cost-effective method of donating to Health Sciences North Foundation can create a future gift that is considerably larger than many donors would have been able to make during their lifetime.
A gift of life insurance allows you to pay, on average, only three or four cents on the dollar per year for a gift. An immediate cash donation of the same size would mean providing the full dollar amount.
When giving a gift of life insurance, you may:
- Assign as irrevocable or revocable a paid-up policy to Health Sciences North Foundation
- Assign as irrevocable or revocable a policy on which premiums remain to be paid – you may pay the premium(s) or Health Sciences North Foundation will pay the premiums provided you make equivalent contributions for that purpose.
- Name Health Sciences North Foundation as a primary or secondary beneficiary.
You can:
- Designate Health Sciences North Foundation as the owner and beneficiary of your life insurance policy. We will send you a tax receipt annually for your premium payments.
- Donate a paid-up policy you no longer need. We will send you a tax receipt for the cash value.
- Assign Health Sciences North Foundation as the beneficiary only. This gives you the flexibility of changing the beneficiary.
For more information on gifts through your will to Health Sciences North Foundation please contact our Foundation team.