By donating a life insurance policy, you can provide a substantial gift to the Alzheimer Society of Toronto for a relatively small premium payment. You will also receive an immediate tax credit for the amount of the premiums and the cash value of the policy, when one exists.

The Alzheimer Society of Toronto retains the policy for the life of the insured and collects the proceeds upon death. Such gifts entitle you to a donation receipt from the Alzheimer Society of Toronto for all premiums paid after setting up or assigning the policy, and for the cash value of the policy (if one exists). You, or your estate, however, receive no further tax benefit when the Alzheimer Society of Toronto ultimately receives the benefit.

You can name the Alzheimer Society of Toronto as the owner and beneficiary of an insurance policy:

• on a new policy application form, or
• for an existing policy, by filling out an assignment form and beneficiary change form which you can obtain from your insurance company.

While the Alzheimer Society of Toronto benefits from the possibility of an eventual gift, this approach gives you no immediate tax benefits since the Society does not own the policy.

If the Society becomes the ultimate beneficiary of the policy, your estate receives a charitable receipt. In addition to naming the Society as a beneficiary of your plan, death benefit proceeds will be paid directly to the charity, thus avoiding the claims of creditors, other beneficiaries and probate fees.

You can get a beneficiary change form from your insurance company.

For more information on making a charitable bequest in your Will, visit the page on Wills.