M Bacal Group

INFOclip: Gifting Your Life Insurance

As your life circumstances change, so do your financial obligations. As you enter retirement, if you’ve paid off your debts, prepaid for funeral expenses and achieved all of your wealth goals – congratulations! So, what could you do with your life insurance policy if it is no longer needed?

You could certainly choose to cancel your policy, but what if there was a more meaningful option? As the owner of a permanent life insurance policy, you can donate your insurance policy proceeds to a charity of your choice. You still enrich your estate through the tax benefits of charitable giving AND can have a significant impact on a charity’s ability to achieve its goals.

Watch this video and learn more about your options as well as the caveats involved in donating your insurance policy to charity.

For more information on charitable giving, read How Your Life Insurance Can Help Your Favourite Charity and if you have any questions, please contact our office.