An individual’s or family’s life insurance needs often change over the years. As a result, many individuals find that they no longer require those old policies to look after what they were originally purchased for.
Rather than simply cancelling the insurance and losing the payments made into their policies, policy holders can make a significant gift in the future by naming the Stollery Children’s Hospital Foundation as beneficiary.
This allows the Foundation to receive all or a portion of the death benefit proceeds of the policy which is no longer needed for family protection. In this way the donor is turning excess insurance coverage into future benefits for the Stollery.
Naming the Foundation as the beneficiary and owner of a life insurance policy will provide the donor with the opportunity to contribute a substantial gift at the time of his or her death, and receive a tax receipt for any premiums paid.
If the Foundation becomes the sole irrevocable beneficiary of an existing policy, the donor will receive a tax receipt for the net cash surrender value and for any remaining premiums that continue to be paid by the donor.
If you would like more information on making a gift of life insurance, please contact:
Director of Development
Stollery Children's Hospital Foundation
Direct: (780) 431-4605