Gift of Life Insurance
There are various ways you can make this type of gift:
Donating an existing policy: You may choose to do this if you no longer need the policy to protect your family responsibilities. If you re-assign the policy to the Prince Albert SPCA as an irrevocable gift, you receive a tax receipt for the policy’s present cash value. Further receipts will be issued for additional premiums paid by you. You may also re-assign the policy to a donor advised charitable foundation naming the Prince Albert SPCA (PASPCA) as beneficiary, allowing your legacy to live on in perpetuity.
Donating a new policy: You can apply for a new policy, and when the new policy is in place, you can transfer ownership of the policy to the PASPCA. The PASPCA would name itself beneficiary at that time. You receive a receipt from the PASPCA for the full amount of premiums you pay on the policy each year.
Making the PASPCA a revocable beneficiary of an existing policy. In this case, you would still have the option of naming another beneficiary at a later time.
Designating the PASPCA as the beneficiary of an Employees Groups Benefits Plan.
Designating the PASPCA as a joint beneficiary for a partial amount. For example, you might choose to indicate that the PASPCA is to receive 20%.
Designating your estate as the beneficiary of the proceeds of your life insurance policy and including a bequest in your Will providing for an equivalent amount for the PASPCA ensures tax benefits to your estate.
Tax benefits are not just applicable if the beneficiary designation is made through the Will. Naming the PASPCA as the direct beneficiary of a policy owned by the individual (either owned personally or through an Employee Group Benefit Plan) would also provide tax benefits for the estate, as the payment of the death benefit to the PASPCA is deemed to be a charitable gift made by the deceased.
Contact the SPCA Executive Director at 306-763-6110 for more information.