Leave a Legacy - Life Insurance

A gift of life insurance will help you make a sizeable gift through a policy you already own or through a series of affordable premium payments. There are a number of ways to donate and plan your gift using life insurance:

• Purchase a new policy, transfer ownership to the St. Thomas Elgin General Hospital Foundation, and receive a charitable tax credit for all premium payments;

• Give an already paid-up policy and receive a charitable tax credit for the cash value of the policy;

• Give an existing policy on which premiums are still being paid and, in return, receive a tax credit for the cash value of the policy and subsequent premium payments. To make a  gift of an existing life insurance policy, the donor must irrevocably transfer ownership of the policy to the charity, and the charity must be named as beneficiary;

• Retain ownership of the policy and name the St. Thomas Elgin General Hospital Foundation as the direct beneficiary. When you pass away, your Estate will receive a charitable tax credit.