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Planned Giving: Life Insurance

A gift of life insurance may be an appropriate option for you to make a significant and lasting gift to Algoma University. There are many types of insurance policies and not all are appropriate for charitable giving; it is therefore best to contact your licensed insurance broker to discuss the best option for you.

A planned gift through a life insurance policy, directed to Algoma University, is a deferred gift. The commitment you make today will be realized in the future.

The Advantages of Making a Gift Through a Life Insurance Policy Include:

• The ability to make a significantly larger gift to Algoma University at very little cost to you.

• Tax benefits that can include either an immediate tax credit or a tax credit in the year of death.

• A gift through life insurance will not reduce the value of your estate to your heirs and will not be subject to estate taxation.

There are a number of options available for making a gift through an insurance policy. You should discuss the options with your licensed insurance broker to determine which one is best for you.

Options include:

• Purchasing a new policy

• You can name Algoma University as the irrevocable owner and beneficiary of the policy. You receive an income tax receipt for the full amount of the premiums paid. Your gift creates a significant legacy for you, at an affordable cost.

• Donating an existing policy

• Many people have old insurance policies that are paid which they no longer require. You can donate an existing policy to Algoma University by transferring the ownership or making Algoma University the beneficiary of the policy. It is a wonderful way to use a policy that may no longer be of use to you and make a significant gift that will impact the lives of students.

• Making Algoma University the Beneficiary of a New or Existing

• Reviewing your estate planning may provide you with a cost-effective way of reducing your estate taxes. Assigning the beneficiary status of an existing or new policy to Algoma University may be an option you want to consider. Consult your financial advisor to determine if this option is appropriate for you.

For more information about planning a gift to Algoma University, please contact a member of our Gift Planning Team.

Donate Now

You can invest right now in the future of your community by contributing to The Algoma University Foundation through a secure, online transaction at Canada Helps.