A gift of life insurance provides the opportunity to make a significant gift to the Central Northeast Health Foundation, at some point in the future, at a relatively modest cost today. In this situation a person does not have to be wealthy in order to make a substantial contribution to healthcare in Central Newfoundland. You can establish such a gift through an existing life insurance policy or by taking out a new policy.

Life insurance is not taxable when paid out as a death benefit. For this reason, it is often used for estate planning purposes as a means of offsetting taxes that may be owing. A married couple can purchase insurance on a joint basis to provide funds that can be given to a charity when the second spouse dies.

Almost any type of life insurance can be used as a charitable gift. If the donor purchases a new life insurance policy - set up so the Central Northeast Health Foundation owns the policy - or if the ownership on an existing policy is assigned to the Central Northeast Health Foundation, then our charity can name itself the sole beneficiary of the policy. The donor will then receive a charitable tax receipt for each of your premiums and for any cash surrender value in the policy. With the donor's passing, the Central Northeast Health Foundation would receive the proceeds of the policy. An added benefit of giving in this way is the fact that your wishes will be guaranteed as the benefits cannot be contested, taxed or claimed by your creditors.

Another option for giving a charitable gift through life insurance is for the owner of a policy to retain ownership of the policy. The donor would then gift some of the insurance proceeds to the Central Northeast Health Foundation Inc. in his or her estate. The donor's estate will then receive a charitable tax receipt for the full amount of the death benefit, rather than just for the premiums paid along the way. This tax receipt can help to reduce the tax burden the estate may otherwise face.

**Please note that the legal name of our charity is the Central Northeast Health Foundation Inc.**





Have you or a loved one been helped as a result of a piece of equipment, or a health program, which has been funded by Foundation donors? Have you received care by a healthcare professional that goes above and beyond? Please take a minute to share your positive story with us!
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