A gift of life insurance offers the opportunity to secure a lasting legacy at a fraction of the final value of the gift.
Wealth Replacement– Use life insurance to replace donated wealth to take care of family or other causes in your community. This can be done during your lifetime, or through your Will.
RRSPs/RRIFs and taxes– Name Queen’s as the beneficiary of your RRSP/RRIF (or alternate beneficiary after your spouse) with the full value transferring to Queen’s upon your passing and set up a life insurance policy with proceeds equal to the value of your RRSP/RRIF to benefit your children. This helps you provide inheritance for your children, create a lasting legacy for Queen’s and minimize taxes paid by your estate.
Insured Annuity – Purchase an annuity and then use the income generated from the annuity to pay for life insurance premiums. The insurance death benefit can be directed to your heirs tax-free.
Tax Deductions – If Queen’s is the beneficiary of your life insurance policy, your estate will be entitled to a charitable tax credit, which can be used to help offset tax liabilities in your estate (i.e. capital gain tax owing on a family cottage).
contact us with your questions or for further information.
We strongly encourage you to consult with your lawyer, accountant, or other financial advisor before finalizing your planned gift.
Thank you for considering Queen's University.