Life Insurance

A gift of Life Insurance is a simple, thoughtful and often overlooked way to make a gift to Osler Foundation. Insurance allows you to make a substantial gift without taking on a large expense.

Listed below are a several ways to make a gift of Life Insurance in order of their value to William Osler Health System:

  • Donate a paid-up life insurance policy by naming Osler Foundation as owner and beneficiary.
    A gift of a paid-up policy is equivalent to an outright gift of cash because Osler Foundation, if it chooses, can immediately surrender the policy for cash or can choose to retain the policy until the insured individual dies to collect the death benefit. In the meantime, the cash surrender value will continue to grow. The donor is entitled to a tax receipt for the cash surrender value.
  • Transfer ownership of an existing policy with premiums still owing.
    If the policy is whole life and has been in force for two or more years, it will have a cash value that is accessible to Osler Foundation. Assuming the donor continues to pay the premiums, the cash value will increase and Osler Foundation will receive the death benefit upon the death of the insured. The donor will receive a receipt for the cash surrender value at the time of transfer and for subsequent premium paid.
  • Purchase a new policy and name Osler Foundation as owner and beneficiary.
    The donor receives tax receipts for all premium payments made and Osler Foundation receives the death benefit on the death of the insured.
  • Retain ownership of your policy and name Osler Foundation as beneficiary.
    The donor does not receive tax receipts for premium payments however the estate will receive a tax receipt for the value of the policy upon death of the insured. 
  • Name William Osler Health System Foundation as a beneficiary or partial beneficiary of your Life Insurance through your employer.
    The estate receives a tax receipt upon death of insured.

The above options of Life Insurance do not flow through your estate which means they are not subject to probate costs or delays in settlement. 

For more information, please contact Angela Molinari, Manager, Planned Gifts, 416.494.2120 ext.32191 or angela.molinari@williamoslerhs.ca