Life insurance

Many people have life insurance in one form or another. The value of life insurance is usually to provide financial security for your loved ones in the event of your death. Life insurance can also be used to support your favourite charities. It can help you make a more impactful gift than you may otherwise be able to make with your current income or through a bequest. 

Ways you can give a gift of life insurance:

  1. Purchase a new life insurance policy and name Breakthrough T1D Canada as the owner and beneficiary of the new policy. The premiums you pay will be tax-creditable donations to Breakthrough T1D Canada. 
  2. Change an existing life insurance policy to name Breakthrough T1DCanada as owner and beneficiary, and receive a charitable tax receipt for the value of your life insurance policy. 
  3. Name Breakthrough T1D Canada as the beneficiary of the policy. Your estate will claim a charitable donation tax credit for the proceeds of the policy. The tax credit will offset income taxes payable on your estate’s final tax return, and the gift will not be subject to probate fees. 
  4. Benefits:
    • You could make a bigger gift than what may be possible during your lifetime
    • The final value of an insurance gift is guaranteed and normally will not be diminished by taxes, fees or creditors’ payments
    • Life insurance can have a multiplying power that allows a relatively small investment to provide a large tax-free death benefit that can grow even more during your lifetime

All donors are encouraged to seek independent financial and legal counsel when executing wills, trusts, contracts and other agreements.

Independent counsel

Breakthrough T1D Canada will provide you with information and assistance to make a gift of life insurance. However, the ultimate responsibility regarding evaluations, tax deductibility, and/or similar legal local, provincial or federal compliance issues rests with you and/or your counsel. 

To learn more, please fill out a request for information, or contact:

Caroline Lewis
National Director, Leadership Giving
Toll-free: 1.877.287.3533
Email: clewis@breakthroughT1D.ca
Charitable Number: 11897 6604 RR0001