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Life Insurance

Creating your legacy through a gift of life insurance

You can provide a meaningful contribution through the gift of life insurance. This cost-effective method of donating to Habitat for Humanity Vancouver Island North can create a future gift that is considerably larger than many donors would have been able to make during their lifetime. A gift of life insurance allows you to pay, on average, only three or four cents on the dollar per year for a gift. An immediate cash donation of the same size would mean providing the full dollar amount.

There are many ways in which you can use life insurance as a future gift to Habitat for Humanity. Giving a new or existing insurance policy allows even people of modest means to make a sizable gift with only a small annual or monthly payment. In addition, there is a tax credit available, providing immediate tax relief. You will not reduce your family’s share of your assets by this form of giving because you provide the funds through premium payments out of your current income.

When giving a gift of life insurance, you may:

  • Assign as irrevocable or revocable a paid-up policy to Habitat for Humanity Vancouver Island North.
  • Assign as irrevocable or revocable a policy on which premiums remain to be paid – you may pay the premium(s) or Habitat for Humanity Vancouver Island North will pay the premiums provided you make equivalent contributions for that purpose.
  • Name Habitat for Humanity Vancouver Island North as a primary or secondary beneficiary.

You can:

  • Designate Habitat for Humanity Vancouver Island North as the owner and beneficiary of your life insurance policy. We will send you a tax receipt annually for your premium payments.
  • Donate a paid-up policy you no longer need. We will send you a tax receipt for the cash value.
  • Assign Habitat for Humanity Vancouver Island North as the beneficiary only. This gives you the flexibility of changing the beneficiary.

For more information on gifts of life insurance to Habitat Vancouver Island North please contact legacy@habitatnorthisland.com.