Immediate Gifts: Life Insurance

A gift of life insurance is an inexpensive way to create a significant legacy at International Teams. It can make a big difference because a modest annual premium paid over time will result in a significant gift at death. Such gifts are made by:

Transferring Ownership of an Existing or New Policy to International Teams

Donors will receive a tax receipt for the premiums paid after the date of transfer and International Teams will receive the face value of the insurance upon death.

Changing the beneficiary of your policy to International Teams.

The tax credit will reduce your estate taxes and increase the after-tax value of your estate for beneficiaries.

Ways of Gifting Life Insurance

• Donate a new policy and receive a tax receipt for any premiums paid after the date of transfer

• Assign ITCA as beneficiary of your policy, or the life insurance policy from your employer, and your estate will receive a tax receipt equal to the death benefit proceeds paid to ITCA

• Donate an existing policy and receive a tax receipt for the net cash surrender value (less any outstanding policy loads) and any premiums paid after the date of transfer to ITCA. A portion of the cash value would be taxable but would be offset by the donation receipt tax credit

Benefits of Making a Gift of Life Insurance

• Receive a tax receipt based on the way the insurance was gifted

• Avoid probate. Gifts of life insurance are less susceptible to being contested than a charitable bequest and provide absolute privacy

• You can designate your gift to an International Teams program or area that meets your interest and focus such as community development, marginalized women, refugees etc.

For more information on gifts of life insurance, please contact International Teams at 1-800-465-7601, 519-669-8844 or email us at give@iteams.org