Gifts of Life Insurance

A gift of life insurance offers the opportunity to secure a lasting legacy at a fraction of the final value of the gift.

Options for Gifting Life Insurance

• Transfer the ownership of an existing or new policy to Queen’s University. You will receive a tax receipt for the fair market value of the policy and for premiums paid after the date of transfer.
• Name Queen’s University as beneficiary of your policy. Your estate will receive a tax receipt for the full amount of the proceeds received by Queen’s University.

Benefits of Gifting Life Insurance

• A gift of life insurance allows you to arrange a substantial future gift to Queens at a relatively low cost.
• Valuable current or future tax benefits are available depending on the structure of your gift.
• Satisfaction of making a meaningful gift to Queen’s that is important to you – e.g., student aid, a particular program, research initiative, or area of greatest need.
• Depending on the size of the gift, you can establish an endowed fund and name it in honour of someone close to you or secure your personal legacy.

Ideas to Maximize the Benefits of Life Insurance

Wealth Replacement: Use life insurance to replace donated wealth to take care of family or other causes in your community. This can be done during your lifetime, or through your Will.

RRSPs/RRIFs and taxes: Name Queen’s as the beneficiary of your RRSP/RRIF (or alternate beneficiary after your spouse) with the full value transferring to Queen’s upon your passing and set up a life insurance policy with proceeds equal to the value of your RRSP/RRIF to benefit your children. This helps you provide inheritance for your children, create a lasting legacy for Queen’s and minimize taxes paid by your estate.

Insured Annuity: Purchase an annuity and then use the income generated from the annuity to pay for life insurance premiums. The insurance death benefit can be directed to your heirs tax-free.

Tax Deductions: If Queen’s is the beneficiary of your life insurance policy, your estate will be entitled to a charitable tax credit, which can be used to help offset tax liabilities in your estate (i.e. capital gain tax owing on a family cottage).

---

Please contact us with your questions or for further information.
We strongly encourage you to consult with your lawyer, accountant, or other financial advisor before finalizing your planned gift.
Thank for your interest in our Gift Planning program.