A “Gift of Life Insurance” is made when you name The Ontario Genealogical Society as the beneficiary of the insurance policy. This means that you control the policy, and that we will only receive the insurance proceeds following your death. There are a number of life insurance options available and each will have different types of tax benefits. Talk to your accountant, lawyer, financial adviser or insurance professional who can help you decide which option may work best for you.
How to make a Gift of Life Insurance?
- Purchase a new policy and name The Ontario Genealogical Society as the owner and irrevocable beneficiary. You will receive charitable donation receipts for the annual premiums paid by you each year. Receipts can only be issued for premiums paid AFTER the transfer of ownership to the charity. It is important to discuss this point with your agent before you make your first premium payment;
- Transfer an existing policy by naming The Ontario Genealogical Society as the owner and irrevocable beneficiary. OGS will issue a charitable donation receipt for the ‘fair market value’ of the insurance policy and for any subsequent premiums that you pay in the future. Talk with your lawyer or accountant about the tax consequences to you of any contemplated transfer; or
- Name The Ontario Genealogical Society as a revocable beneficiary on a new or existing policy.