Life insurance is the one asset almost everyone has. For the young parent with limited dollars, it is a way to protect the family against economic loss in the event of a parent's premature death. For the business owner, it may provide dollars to buy out a deceased partner's interest or compensate for the loss of a key manager. For older individuals, it provides the liquidity needed to settle an estate and pay taxes.
When you make SOS Children's Villages Canada the owner and beneficiary of a new policy, you receive a donation receipt for every premium you subsequently pay. At your death, SOS Children's Villages Canada will receive the proceeds. However, to receive a current tax benefit, you must also transfer ownership of the policy to SOS Children's Villages Canada. This entitles you to a donation receipt for the cash value of the policy.
Please note: SOS Children's Villages Canada encourages you to seek professional legal, estate planning and financial advice before deciding on a course of action.
For more information, please contact Dave Greiner at 1-800-767-5111.