Gifts of life insurance
A modest investment becomes a major gift
Life insurance is an economical way to give a larger and more lasting gift to Wilfrid Laurier University than you might otherwise be able to give without drawing on your assets now or depleting your estate. A gift of life insurance allows those of even modest means to make a sizeable gift with only a small annual or monthly outlay.
There are 3 ways to give a gift of life insurance:
- You can purchase a new policy naming Laurier owner and beneficiary. The annual premium paid by you is deemed to be a charitable donation and tax credits will be available for donations up to 75% of your income in the current year.
- You can donate an existing policy that you no longer need. The policy could be assigned to Laurier and the cash value in the policy would be qualify as a charitable donation. Tax credits would be available on donations up to 75% of your net income. All premiums that you continue to pay would be eligible for tax receipts.
- You can maintain ownership of a life insurance policy and name Laurier as beneficiary and your estate would receive a tax receipt upon death for the insurance proceeds.
The benefits of giving to Laurier through life insurance:
- You can make a substantial and meaningful future contribution with tax deductible, modest premium payments.
- The regular assets in your estate are retained for your family since your investement in Laurier is made out of income.
- You immediately become a major benefactor of the university, receive appropriate recognition, and extend your support beyond your lifetime to areas of personal interest.
- Your gift will not be reduced by taxes, legal fees, probate, or administration costs and the gift cannot be contested.
- There is no delay in payment as insurance proceeds pass to the University outside the estate.
- You save income tax through tax credits realized from annual premium payments when the University is made owner and beneficiary of your policy.
- Life insurance gifts can be structured to suit any financial situation. Consult your financial advisor for futher advice.
Cec Joyal ‘86
Individual and Planned Giving
(519) 884-0710 Ext 3864
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