Peace Arch Hospital Foundation Projects: Give a Gift of Life Insurance

Give a Gift of Life Insurance

Turn a small monthly or annual gift into a larger future gift and receive tax benefits now by naming Peace Arch Hospital Foundation as a beneficiary on your insurance policy. 

A gift of life insurance is a worthwhile and cost-effective alternative to a cash gift. The best option for you will depend on whether you wish to receive a tax credit during your lifetime or at your death. 

How it Works

The most common ways to give the proceeds of a life insurance policy to the Foundation:

  1. Paid-up Life Insurance Policy — You permanently name the Foundation as the owner and beneficiary of the policy and receive a tax receipt for the eligible amount as determined by an actuary, OR…

  2. Partially-Paid Existing Policy — You gift the Foundation, freeing yourself from the obligation to make premium payments and receive a tax receipt for any eligible amount of the partially paid up policy and for ongoing premium payments, OR…

  3. You name the Foundation as the beneficiary of a policy. Your estate receives a tax receipt for the proceeds of the policy to offset taxes payable on your terminal tax return and the gift is not subject to estate probate fees. 

  4. NEXT STEPS: Discuss with your financial advisor or insurance provider which method of donating life insurance works best for you and arrange to transfer ownership of a policy, obtain a new policy or change the beneficiary to the Foundation. 

    Let the Foundation know about your life insurance policy to ensure it is set up properly and your intention to make the gift in understood. Please send this information by email to Shonna Breslaw or mail to:

    Shonna Breslaw
    Philanthropy Officer, Legacy Giving 
    Peace Arch Hospital Foundation
    15521 Russell Avenue
    White Rock, BC V4B 2R4

  5. Call us at 604.535.4520 or email to let us know to expect your donation.