Gift of Life Insurance
Life insurance is an economical way to give a larger and more lasting gift to University of Windsor. You don’t have to draw on your assets now or deplete your estate. A gift of life insurance allows those of even modest means to make a sizable gift with only a small annual or monthly payment. Life insurance gifts can be structured to suit any financial situation.
Three ways to give a gift of life insurance:
- You can purchase a new policy naming University of Windsor owner and beneficiary. The annual premiums paid by you is tax deductible and the tax credits are available for donations up to 75 per cent of income.
- You can donate an existing policy that you no longer need. The policy can be assigned to University of Windsor and the cash value in the policy is tax deductible. All premiums that you continue to pay would also be eligible for tax receipts.
- You can maintain ownership of a life insurance policy and name University of Windsor as beneficiary. Your estate will receive a tax receipt upon death for the insurance proceeds.
Benefits of giving life insurance:
- You can make a substantial and meaningful future contribution with tax deductible, modest premium payments.
- The regular assets in your estate are retained for your family since your donation to University of Windsor is made from the insurance payment.
- You immediately become a major benefactor of the university, receive appropriate recognition, and extend your support beyond your lifetime to areas of personal interest.
- Your gift will not be reduced by taxes, legal fees, probate, or administrative costs, and the gift cannot be contested.
- There is no delay in payment as insurance proceeds pass to the university outside the estate.
- You receive tax credits for your annual premium payments when the university is made owner and beneficiary of your policy.