If no longer needed for your estate plan, the gifting of a life insurance policy will enable you to make substantial tax savings while helping the cause close to your heart.

  • Purchasing a new policy and naming the Space for Life Foundation as its beneficiary. The amount insured is transferred to the Foundation by your estate (Death Benefit). You pay the premiums over a period of years and the Foundation issues an annual donation receipt for the total amount of premiums paid during the year.
  • Naming the Space for Life Foundation as the owner and irrevocable beneficiary of an existing policy. While continuing to pay premiums still owing, you receive a tax receipt in the amount of the Death Benefit value the year you surrender the policy, and annual receipts for the total premiums still being paid during each subsequent year.
  • Designating the Space for Life Foundation as the beneficiary of the Death Benefit. You remain the owner of the policy and the tax receipt is issued by the Foundation to your estate.

For example, Nicole, at age 45, is in good health and enjoys visiting the Biodôme regularly with her grandchildren. She buys a $25,000 life insurance and designates the Space for Life Foundation as its owner and sole beneficiary. Nicole will pay the premiums during a ten-year period.

Purchase of a $25,000 Life Insurance
Annual premium $800
Total cost of premiums ($800/year x 10 years) $8,000
Donation tax credit ($388 x 10) $3,880
 
The return on philanthropic investment
Net cost to the donor (philanthropic cost) $4,120
Donation to the Space for Life Foundation at death $25,000
Return on philanthropic investment 6 : 1
Note : Does not take into account the loss of interest on the investment over 10 years.