Gifts of Life Insurance Policy
As gifts of a life insurance policy are separate from your estate, they are NOT subject to probate fees or other settlement delays. This means your gift will support health care for future generations at Richmond Hospital and in the community as soon as it’s received.
- Purchase a new policy naming Richmond Hospital Foundation as the owner and beneficiary. All premium payments that are paid by the donor are fully tax deductible during the donor’s lifetime. After the passing of the donor, Richmond Hospital Foundation will receive the full proceeds of the policy.
- Name Richmond Hospital Foundation as the beneficiary of an existing policy. After the passing of the donor, Richmond Hospital Foundation will receive the proceeds of the policy and the donor’s estate will then receive a donation receipt for the total gift amount which can be used for the final tax return.
- Transfer ownership and beneficiary of a partially or fully paid policy to Richmond Hospital Foundation. The donor will receive a donation receipt for the cash surrender value at the time the policy was donated. Any further premium payments made on this policy by the donor are tax deductible.
Please connect with your insurance agent and/or financial advisor for the options that work best for you.
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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.
Legal Name: Richmond Hospital Foundation
Address: 7000 Westminster Highway, Richmond BC, Canada V6X 2A1
Registered Charity Number: 11911 8883 RR0001
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