Life Insurance
When you donate your life
insurance to Olds College, you are leaving a legacy that will
benefit the students of Olds College for years to come.
Benefits of Donating Life Insurance Policy
With only a small amount of money for premiums, an individual can provide for a large gift to Olds College. If Olds College is the owner/beneficiary of a policy, the insurance proceeds at death are not included in your estate - and your estate saves on fees. If Olds College is the beneficiary, the donor's estate receives tax relief for the value of the insurance proceeds donated.
Ways to gift Life Insurance to Olds College
Transfer Ownership of an Existing Policy
If you have a life insurance policy that exceeds your current requirements a future gift can be made to Olds College by simply making Olds College both the owner and the beneficiary of the policy. You will be entitled to a charitable donation receipt for its cash surrender value as well as any premiums paid after ownership is assigned to Olds College.
Purchase a new policy naming Olds College as owner
You may establish a new life insurance policy and transfer ownership to Olds College. You will receive a tax receipt for all premiums paid after ownership has been transferred to Olds College. Generally, these policies become self-supporting (premium offset) after a pre-determined number of years, and no further premium payments are necessary.
Name Olds College as Primary Beneficiary, Co-Beneficiary, Contingent Beneficiary
You can make Olds College the beneficiary of an existing policy while retaining ownership. This may be an option for you if you wish to make a charitable gift but want to retain access to the cash value of the policy, or be able to change the beneficiary if circumstances change. No tax receipt will be issued for annual premiums, as the gift is revocable. However, the estate will be receipted when the gift is received by Olds College.
For more information on gifting Life Insurance to Olds College, please Contact Us.
