Gifts of Life Insurance
One of the Most Significant Ways to Donate
A gift of life insurance is an affordable way to make a real difference. A modest annual premium, paid over time, can result in a significant future legacy. Next to bequests, gifts of life insurance are the most common deferred gifts received by charities.
If your life circumstances have changed and your life insurance policy has outlived its original purpose, consider donating it to a charitable organization such as Habitat for Humanity GTA.
A gift of life insurance is not subject to probate fees or settlement delays, and cannot be contested. That means the proceeds from your policy can be put into action right away.
Benefits of Donating Gifts of Life Insurance to Habitat for Humanity GTA:
- You will be helping hundreds of working, lower-income families build strength, stability, and self-reliance through affordable homeownership.
- Gift proceeds directed to Habitat for Humanity GTA are not subject to probate and estate fees as your life insurance exists outside the estate settlement process.
- The beneficiary designation is revocable meaning it can be changed if your financial and/or life circumstances change.
- When Habitat for Humanity Greater Toronto Area is the named beneficiary, it will issue a charitable donation receipt for any proceeds received after death. This charitable donation receipt creates a tax credit on your final tax return.
Here are three ways to arrange this gift:
- Name Habitat for Humanity Greater Toronto Area as the primary or co-beneficiary of a life insurance policy. Your estate will receive a charitable donation receipt from Habitat for Humanity GTA upon receipt of the benefit.
- Name Habitat for Humanity Greater Toronto Area as the primary or co-beneficiary of a group life insurance plan (current employer). Habitat for Humanity GTA will benefit only while you are an employee of the company.
- Transfer a paid-up life insurance policy to Habitat for Humanity GTA by naming Habitat for Humanity Greater Toronto Area as the irrevocable owner and beneficiary. You will receive a charitable donation receipt for the fair market value of the policy (determined by an actuary) upon receipt.
What are my next steps?
- Make an appointment with your financial or insurance advisor or benefits administrator to review your personal and financial situation and goals.
- Request a Change of Beneficiary/ Ownership Form from your insurance company or your employer’s benefits administrator. Designate Habitat for Humanity Greater Toronto Area as the primary or co-beneficiary of your policy.
- Contact Habitat for Humanity GTA to inform us of your gift to ensure we honour your gift intentions as you wish.
We are here to help
Should you decide to leave a gift of life insurance to Habitat for Humanity GTA, we hope you will share your decision with us so that we can express our gratitude today. Your gift intention will be held in strictest confidence.
The correct legal name to include is:
Habitat for Humanity Greater Toronto Area
155 Bermondsey Road Toronto, ON M4A 1X9
Charitable Registration Number: 13382 4680 RR0001
For More Information:
Please contact Christina Politis, Director Major Gifts and Planned Giving at firstname.lastname@example.org or by phone at 416-755-7353 (ext. 2237) or complete the Information Request Form.