This is a revocable arrangement, and you remain the owner of the policy. Upon death, the insurance proceeds are paid directly to CRS. An official donation receipt is then issued in accordance with the tax rules applicable to gifts made at death.
Life Insurance Donation
Life insurance is a powerful philanthropic tool that allows you to plan a meaningful gift in support of cancer research while respecting your personal, family, and financial priorities.
Why Make a Gift of Life Insurance?
By making a life insurance gift, you may benefit from tax advantages, depending on the option selected and your circumstances, while increasing the impact of your generosity, helping fund innovative research projects aimed at better preventing, detecting, and treating all types of cancer.
A gift of life insurance to the Cancer Research Society (CRS) gives you the opportunity to plan a major gift at a cost suited to your circumstances, spread your financial commitment over time, potentially benefit from tax advantages, and support cancer research over the long term, either during your lifetime or at death.
How to Get Started
- Determine which life insurance giving option best suits your needs.
- Designate the Cancer Research Society (CRS) as the beneficiary, or as both owner and beneficiary, depending on the option you choose.
- If you are transferring an existing policy to CRS (Option 3), complete the ownership transfer and have the policy’s fair market value assessed.
- Inform your family, financial advisor, or insurance provider of your decision;
Submit the required documentation to CRS for processing and, where applicable, the issuance of an official charitable receipt.
Types of Life Insurance Gifts
There are several ways to make a gift of life insurance. The best option depends on your age, financial situation, desired level of flexibility, and when you would like your gift to make an impact.
You can purchase a new life insurance policy (or modify an existing one) and designate the Cancer Research Society (CRS) as the beneficiary.
You can purchase a new life insurance policy and designate the Cancer Research Society (CRS) as both the owner and beneficiary.
This is an immediate and irrevocable commitment. CRS becomes the owner of the policy, and you receive a charitable tax receipt each time you pay the annual premium. Eligibility for a new policy is subject to the insurer’s underwriting requirements.
You can transfer ownership of an existing policy by naming the Cancer Research Society (CRS) as both the owner and beneficiary.
This is an immediate and irrevocable commitment, and CRS becomes the owner of the policy. You receive a charitable tax receipt when ownership is transferred (based on the policy’s fair market value) and for each annual premium payment thereafter. The value is generally based on the policy’s cash surrender value. In some cases, an independent actuarial valuation may be required to determine the fair market value.
You can retain ownership of a new or existing policy while naming the Cancer Research Society (CRS) as the irrevocable beneficiary.
This designation cannot be changed without CRS’s consent, but you remain the policy owner. A tax receipt is issued to your estate upon your death.
Need More Information?
If you have any questions about making a life insurance gift to the Cancer Research Society or would like to let us know about your intentions, please contact our Major and Planned Giving Manager or consult our resources.
Mazen Boustani
Manager, Major Gifts and Planned Giving
Phone: 514-861-9227, ext. 248
Email: mboustani@src-crs.ca