St. Michael's College, U of T

Making a Gift: Legacy Giving

Giving for the Future: Life Insurance

A gift of Life Insurance can become a gift of much greater value than its original cost when the policy is given to St. Michael’s College.

Changing Lives: One Student at a Time

"I am certainly grateful for the Catholic education received at St. Mike’s and happy to help anybody else have the same."

Marianna Korman, 4T8

Transfer an Existing Policy: Make St. Michael’s both owner and beneficiary. You will receive a tax receipt for the full cash value of the policy, any accumulated dividends and provide an annual tax receipt for any future premium payments.

Start a New Policy: Make St. Michael's owner and beneficiary and receive a tax receipt for premium payments made after the policy is transferred.

Name St. Michael's as just the beneficiary and your estate will receive a tax receipt for the full value of the death benefit of the policy.

BENEFITS OF GIFTS OF LIFE INSURANCE

• Avoid probate – insurance death benefit proceeds pass outside of the donor’s estate
• Take advantage of tax savings now or defer the savings for your estate depending on the type of gift arrangement you choose.