Gifts of Life Insurance | Parkinson Society British Columbia

With a gift of life insurance, you can reduce your tax bill and make a significant contribution to ensure Parkinson Society British Columbia's programs and services continue well into the future.

Here are two ways you can do it:

Name PSBC as the owner and beneficiary of an insurance policy

Benefits

By donating a life insurance policy, you can provide a substantial gift to Parkinson Society British Columbia 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.

Parkinson Society British Columbia retains the policy for the life of the insured and collects the proceeds upon death. Such gifts entitle you to a donation receipt from Parkinson Society British Columbia 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 Parkinson Society British Columbia ultimately receives the benefit.

How can I do this?

You can name Parkinson Society British Columbia 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.

Name PSBC as a beneficiary of a new or existing policy

You may name PSBC as:

a primary beneficiary of all, or a fraction of, the proceeds, or
a contingent beneficiary in the event that your primary beneficiaries predecease you.

Benefits

While Parkinson Society British Columbia 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.

How can I do this?

You can get a Beneficiary Change form from your insurance company.

For more information
If you would like more information on how to take full advantage of gifts of life insurance, contact your insurance agent, accountant or financial advisor. We would also be pleased to help you with any questions you may have about your gift planning options. Contact us at info@parkinson.bc.ca for more information.

Parkinson Society British Columbia understands that donors consider estate and gift planning to be a strictly confidential matter. Please be assured your inquiry will be handled in a manner that respects your privacy and maintains confidentiality. See our Privacy statement for more information.

Note: Information on this page is not intended as specific financial planning or legal advice. You should always consult your legal advisors, financial planners and family members when considering a planned gift.