Gift of a Life Insurance Policy

A gift of life insurance enables you to make a significant future gift for a modest cost. This gift can be made through a policy you already own, or through a series of affordable premium payments, without impacting assets intended for loved ones.  The tax benefits and flexibility of making a gift of life insurance are extensive.

Your life insurance gift can be made in the following ways:

box-blueA Current Gift Of
Life Insurance

box-greenA Deferred Gift of
Life Insurance

  • You give an already paid up policy to JA Southern Alberta and receive a charitable donation receipt for its cash value.
  • You give an existing whole life policy on which premiums are still being paid, and in return, receive a receipt for the cash value of the policy and subsequent premium payments.
  • You purchase a new policy, transfer ownership to JA Southern Alberta, and receive a tax receipt for all payments on the premiums.
  • You retain ownership of the policy and name JA Southern Alberta as the direct beneficiary. When you pass away, your estate receives a receipt for the face value of the policy. This provides you with maximum flexibility, although you do not receive a receipt for premiums you have paid.
  • You establish a charitable insured annuity and use a portion of the payments to pay premiums on a life insurance policy that has been assigned to JA Southern Alberta. You receive receipts for all premium payments. You may wish to purchase a second life insurance policy to replace the income invested in the annuity for your loved ones
 WOC-Arrow-Right-BlueAn annuity guarantees life income and can often be structured to increase your annual income while reducing your tax liabilities.