The Gift of Life Insurance
An affordable and powerful way to make a modest investment now to make a significant gift in the future.
A Gift of Life Insurance allows you to make a generous Legacy Gift to Autism Speaks Canada (ASC), with only minimal outlay of current savings or income. Donors often struggle between their desire to leave a gift to charity and their need to preserve their estate for their families. A gift of life insurance can resolve this conflict.
What is a gift of life insurance?
Gifts of Life Insurance are the second most common form of Legacy Gift. There are two ways to gift life insurance to ASC:
- Name ASC as the beneficiary of a new or existing policy. This is a revocable gift, which means you can change the beneficiary any time.
- Name ASC the owner and beneficiary of an existing or new life insurance policy. This is an irrevocable gift, but you do receive immediate and ongoing tax savings.
What are the benefits?
- You can create a significant future legacy with only a small annual cost - even someone of modest means can make a sizable gift using life insurance.
- Proceeds from your life insurance gift are paid directly to ASC and are not subject to probate and estate fees as your life insurance exists outside the estate settlement process.
- If you name ASC both owner and beneficiary, you will receive an immediate tax receipt for your gift.
- Taking out a new policy is ideal for donors who want to leave a gift to charity, but also want to preserve their existing assets for their families. A life insurance policy allows you to leave a substantial donation to ASC for a nominal annual cost (premiums paid). Meanwhile, the value of your estate will remain intact for you to distribute to your loved ones.
What are my next steps to make a gift of life insurance?
- To name Autism Speaks Canada as the beneficiary of an existing policy, contact your insurance provider to request a change of beneficiary form. Simply complete the form and return it to your insurance company.
- To transfer ownership of an existing policy to Autism Speaks Canada, contact your insurance provider to request a change of ownership form. This form requires your signature as well as a signature from an ASC official. Once transferred, you receive a charitable tax receipt for the cash surrender value of the policy even though ASC will receive the gift later. If annual premiums are still owing on the policy these remain your responsibility; however, you will receive charitable tax receipts for all future premiums you pay.
- To take out a new policy contact your financial advisor or your insurance broker to determine the best type of policy for you.
- Contact ASC to inform us of your gift because it helps us to better plan for investments in leading medical research projects. We would also appreciate the opportunity to include you in the Autism Speaks Canada Legacy Society.
What information will my insurance broker need?
Legal Name: Autism Speaks Canada
Registered Charitable Number: 869420208 RR0001
Address: 2450 Victoria Park Avenue, Toronto, ON, M2J 4A2
For more information please contact
Director of Development
Autism Speaks Canada
Phone: 416-362-6227 ext. 204 or 1-888-362-6227 ext. 204