Life Insurance

A gift of Life Insurance is a simple and easy way to support National Aboriginal Achievement Foundation.  A life insurance policy enables you to leave a gift to National Aboriginal Achievement Foundation for a relatively small financial outlay while allowing you to make a significant gift.   Many of our younger donors would like to make a significant contribution; however, they may not have the financial resources to make a large gift during their lifetime.  A life insurance gift is the perfect answer.  In addition, you can make a gift of either a new or existing policy.   

Life Insurance Gift - The Benefits to You 

• Simple and Convenient – The transaction is simple.  Your life insurance specialist can advise you on the type of policy that would best fit your needs, custom design your program and carry through with the necessary paperwork.
• Inexpensive – A way to make a larger gift than you might otherwise be able to, without depleting your current assets now or your estate later. 
• Leverage – The ultimate value of your policy will be far more than the premiums you pay. 
• Save Taxes today – Immediate tax relief in the form of charitable tax receipts for the premiums paid.       
• Estate Preservation – Your estate to your family is not diminished because life insurance, by its very nature creates an additional, separate “estate”.
• Eliminates Probate, Legal & Executor Fees – Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to National Aboriginal Achievement Foundation at maturity or your death.
• Peace of Mind – You can plan, arrange and announce the gift yourself and you will know that it will occur just as planned.  
• Control – Life insurance is not a matter of public record and allows you to remain anonymous. And unlike a Will, the gift cannot be contested.
• Recognition – Your gift can be honoured during your lifetime.

How does it work?

There are a number of easy ways to make a gift of Life Insurance. 

1. You can take an existing policy that has finished serving its original purpose and simply have the ownership and beneficiary designation transferred to National Aboriginal Achievement Foundation. This designation cannot be changed.

   A charitable tax receipt will be issued for the worth of the policy at the time of transfer.  Any continued premium payments also qualify for a charitable tax receipt.  Please note that there are tax advantages to retaining existing policies.  National Aboriginal Achievement Foundation strongly recommends that you discuss this matter with your insurance specialist before any transfer takes place.

2. You can purchase a new life insurance policy.  After one premium payment has been paid, National Aboriginal Achievement Foundation is named as the owner and beneficiary.  You continue to pay the premiums and receive a charitable tax receipt for those payments. Again, this designation cannot be changed.
3. It may be to your advantage to name your estate as the beneficiary of your life insurance policy, and then make a same dollar amount bequest in your Will to National Aboriginal Achievement Foundation.  You will not receive a charitable tax receipt for any of the premiums paid during your life.  However, your estate will be eligible to claim a donation for the full amount of the insurance proceeds.
4. You can name National Aboriginal Achievement Foundation as your beneficiary on your individual or group life insurance. You retain ownership of the policy. You can change the beneficiary designation at any time.  If you are a salaried employee and have a benefit plan that has a death benefit component to it, consider naming National Aboriginal Achievement Foundation as the beneficiary.  However, you will not receive a charitable tax receipt for any premiums paid during your lifetime.

Please Seek Expert Advice: National Aboriginal Achievement Foundation strongly recommends that you seek professional advice to ensure your financial goals are considered, your tax situation reviewed and that your planned gift is tailored to your circumstances.  A life insurance specialist should review in detail what would best fit your needs.  Before considering a planned gift of life insurance, you should already have satisfied any need for life insurance for the protection of your family. For further information, please call Paul Klein, Senior Development Officer, Individual Giving and Donor Relations at 1-800-329-9780 extension 227 or email Paul at pklein@naaf.ca.