Life Insurance Policies
When you assign your life insurance policy to the Foundation or make the Foundation the registered beneficiary of the policy, you will receive an immediate tax receipt for the cash surrender value. Furthermore, if you continue to pay the premium on the life insurance policy, each amount paid also qualifies as a charitable gift in the year.
There are three ways that you can provide a gift to the Children’s Aid Foundation with life insurance:
- Donate an existing or a new life insurance policy where the Children’s Aid Foundation is the owner
- Name your estate as the beneficiary of the insurance proceeds and gift an equivalent amount to the Children’s Aid Foundation in your will
- Name the Children’s Aid Foundation as the primary or co-beneficiary of your life insurance policy
Questions? Contact Michele Clemo at mclemo@cafdn.org or 416-923-0924 x232.
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