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Charitable Giving Through Life Insurance

charitable giving, life insurance, charity, planning, make a difference, charitableAn opportunity to make a difference

Have you ever considered making a substantial financial gift to your favourite charity? Perhaps as a way of saying “thank-you” to an organization that:

  • Was, and continues to be a positive influence in your life?
  • Does good work in your community and in other parts of the world?
  • Is trying to find the cure for a particular disease?

Whatever the cause, life insurance makes it possible to leave a financial gift that makes a lasting difference. Life insurance is a no-headaches way to donate, and whether you want to make your gift as an individual or as a couple, Specialty Wealth & Financial can help.

Life insurance is a flexible way to give. You determine the size of contributions and how often you want to make them. The result of your giving is a large endowment for the charity of your choice. This gift from the heart will provide significant assistance to that charity and give you a great sense of accomplishment.

 

Advantages for the charity

The reality is that a series of small gifts–although significant–does not offer your charity the same financial benefit as a lump-sum gift. When you give through life insurance, your charity knows ahead of time the full amount of your gift. That helps them plan their future.

Advantages for you

Life insurance offers many advantages for you in addition to the satisfaction you feel.

  • A substantial legacy for little cost
  • Premiums qualify as a tax credit
  • Flexibility means a long-term commitment isn’t necessary
  • The ease of arranging your gift

 

Charitable giving using life insurance may have certain advantages over a will when making charitable bequests

  • Insurance policies provide confidentiality if desired because, unlike a will, they are not public information in the event of probate.
  • Probate costs are avoided because the insurance proceeds are passed directly to the charity
  • Provides quick funding to the charity. A bequest through the will may require liquidation of assets.
  • An insurance policy is generally protected from the claims of the donor’s creditors
  • Donating through insurance removes a possible source of conflict or hard feelings created by carrying out the terms of the will.

If you are interested in exploring more about the cost of setting up Charitable Giving, contact Specialty Wealth today!

 

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