You and Your Life Insurance

Have you ever considered taking out life insurance to further the work of The Presbyterian Church in Canada? It is a great opportunity for people to give a larger gift than might be otherwise possible.

Some options for gifts of life insurance:

1. Name the church as the beneficiary of a policy you already own. Upon the death of the donor, the church will receive the proceeds of the policy, bypassing probate and estate administrative fees. In addition, the estate will receive a donation receipt for the amount of the death benefit, resulting in substantial tax savings for the estate (up to 100% of annual income can be claimed as a charitable gift in the year of death, and any unused amount can be carried back to the previous year — again up to 100% of income)
2. Assign the annual dividends from your life insurance policy to the church. These gifts can be deducted from your taxable income.
3. Give a paid-up policy to the Church by naming it as the owner and beneficiary. You receive an income tax receipt for the paid-up cash value. Use the receipt for this year's income tax return (up to 75% of your income) and carry forward any unused portion for up to five years.
4. Begin a new policy naming the Church as beneficiary and receive a tax receipt for the value of the premiums. Each option meets different estate or financial planning needs. One may be right for you.

The Advantages of a Gift of Life Insurance

• A modest annual premium allows you to contribute a substantial gift to the Church.
• Tax-deductible premiums (up to 75% of your income) when the bequest goes to the Church. Neither your estate nor the Church is taxed.
• The insurance bequest goes directly to the Church without delay and without any deductions.
• A new insurance bequest for the Church does not reduce the size of your estate.
• Policies are available through most insurance companies, or you can modify an existing policy to provide a charitable bequest.

What does Your Gift of Life Insurance Mean to the Church?

You give the Church some financial security, helping it to continue its ministry into the future. The legacy you leave allows others to experience the love of Christ through the Church.

Can I Say Exactly Where I Want the Money to Go?

Absolutely. You can give it for

• the general funds of The Presbyterian Church in Canada (Presbyterians Sharing . . .)
• our work among the world's poverty-stricken peoples through International Ministries or Presbyterian World Service & Development
• a particular work of the church (for example, new church development in Canada, international educational ministry, theological education, church camping, benevolence funds)
• your own congregation.

OR

You may spread your gift among several areas, indicating what percentage is to go where.

Will a Life Insurance Gift Suit My Wishes?

It may, if you have a life insurance policy that was originally

• to provide for a spouse who no longer needs it
• to provide for a child who is now a financially independent adult
• to insure a mortgage that is now paid in full
• to guarantee your children's education but is no longer needed
• to protect a business that no longer needs the guarantee
• to protect retirement income that is no longer needed.