There are several ways of making a gift through life insurance:
SURRENDER AN EXISTING POLICY
Perhaps you purchased a policy for financial security when you were younger, but you no longer need it. The ownership of your policy can be transferred to Marillac Place. In this case, you receive a tax receipt for the fair market value of the policy at the time of your gift. If premiums are still being paid on the policy, you will receive tax receipts for all future premiums.
PURCHASE A NEW POLICY
You can purchase a new policy and name Marillac Place as the owner and beneficiary. You receive a tax receipt for premiums paid each year. Marillac Place receives the value of the life insurance policy upon your death and uses the funds to support our mission.
DESIGNATE MARILLAC PLACE AS THE BENEFICIARY OF YOUR POLICY
You can name Marillac Place as a beneficiary of an existing life insurance policy. Upon your death, Marillac Place will receive the proceeds of the life insurance and your estate will receive a charitable tax receipt equal to the policy’s death benefit.
Please let us know if you have set up a gift of life insurance for Marillac Place. You or your insurance agent or financial advisor can contact us with any questions you may have.