Just as life insurance allows you to protect the security and prosperity of your loved ones, it can work much the same for the university. Donating a life insurance policy is a convenient way to make a substantial contribution to learning and research with a comparatively modest annual investment. This benefit is especially pronounced if you begin at a young age.
By naming UBC as the beneficiary of your policy, your estate will receive tax benefits. If you designate UBC as the owner and beneficiary of the policy, you can realize those tax benefits today.
There are several ways to make a gift of life insurance. You can:
- Donate a fully paid policy you no longer need
The university will immediately issue a donation receipt for the policy’s cash surrender value, plus any accumulated dividends and interest. In order to issue a donation receipt, UBC must be irrevocably designated as the policy owner and beneficiary.
- Transfer ownership of an existing policy with premiums still owing
The university will issue a donation receipt for the cash surrender value of the policy. When you make further payments, UBC will issue additional annual donation receipts for the value of the premiums.
- Establish a new policy that designates UBC as the owner and beneficiary
You can then claim any and all premium payments as a charitable donation on your tax return.
- Name UBC as the beneficiary of your insurance policy
Upon passing, your estate will receive a donation receipt for the full amount that UBC receives under the terms of your policy.