Gifts of Life Insurance Policy
A gift of life insurance is a thoughtful way to create a transformational impact on health care in Richmond. You can make this significant future donation to Richmond Hospital Foundation without diminishing your estate to your heirs.
There are two options to consider, depending on when you wish to receive your charitable donation receipt. We encourage you to speak with your advisors (including your insurance advisor) to determine the best way to proceed as well as understand the implications of such a gift to you.
Option A: Donating the Ownership of the Life Insurance Policy to Richmond Hospital Foundation Now
This gift planning option works best if you require a donation receipt immediately.
You irrevocably donate the ownership of an existing life insurance policy to Richmond Hospital Foundation.
- The Foundation owns the policy going forward
- You would receive a charitable donation receipt for the cash surrender value of the life insurance policy (or, depending on circumstances and the results of an actuarial assessment, the fair market value of the policy)
- You continue making the premium payments on the donated policy and receive a donation receipt for any life insurance premiums you pay
- When the policy matures, the life insurance proceeds are paid directly to the Foundation, as the owner of the policy. No donation receipt is issued to your estate for the proceeds from the matured policy
Option B: Retaining the Ownership and Naming Richmond Hospital Foundation as a Beneficiary of a Life Insurance Policy
This gift planning option works best if you need a charitable donation receipt in your estate, not immediately or during your lifetime.
- You name Richmond Hospital Foundation as a beneficiary of the policy. You retain ownership of the policy; the Foundation does not own the policy
- If the beneficiary designations are revocable, you can change the named beneficiaries in the future, if your life circumstances change
- You continue to pay the policy premiums going forward. A charitable donation receipt will not be issued for premium payments because the charity is not the owner of the policy
- When the policy matures, any life insurance proceeds the Foundation receives, as a beneficiary of the policy, will generate a donation receipt to your estate
Step by Step
- Discuss with your financial advisor or insurance provider which life insurance donation method will make the most philanthropic and financial impact for you
- Contact us and your insurance provider if you wish to transfer ownership of a policy, create a new policy or change a policy beneficiary to Richmond Hospital Foundation
Please connect with your insurance agent and/or financial advisor to explore options that work best for you.
Disclaimer: The above information is general in nature and should not be construed as legal or tax advice. We encourage you to work with your professional financial and legal advisors to make the best decision for your particular circumstances when making a planned gift.
Our Legal Name and Address
Richmond Hospital Foundation
7000 Westminster Highway,
Richmond BC, Canada V6X 2A1
Registered Charity Number:
11911 8883 RR0001
There are many different ways to make a legacy gift to Richmond Hospital Foundation including: