Gifts of Insurance

Gifts of life insurance are made by transferring ownership of an existing or new policy to Trinity College. You receive a charitable tax receipt for premiums paid after the date of transfer. You can also name the College as beneficiary of your policy – the resulting tax credit will reduce estate taxes and increase the after-tax value of your estate for other beneficiaries.

Gifts of life insurance are an affordable way to make a difference. A modest annual premium paid over time will result in a significant future legacy.

There are three ways of making a gift of life insurance:

• You can donate an existing policy and receive a charitable tax receipt for the net cash surrender value (less any outstanding policy loans) and any premiums paid after the date of transfer of ownership to Trinity College.

• You can take out a new life insurance policy, name Trinity College as the owner and beneficiary, and receive a charitable tax receipt for any premiums paid after the date of transfer of ownership to Trinity College.

• You may also name Trinity College as beneficiary of your policy, or the life insurance policy from your employer, and your estate will receive a charitable tax receipt equal to the death benefit proceeds paid directly to the College.

For more information, please contact Meredith Meads at 416-946-7371 or meredith.meads@utoronto.ca

This information is general in nature, does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice.  We strongly encourage you to seek legal, estate planning and/or financial advice before deciding upon your course of action.