Gift of Life Insurance

Older couple reviewing their life insurance

A gift of life insurance allows you to make a legacy gift with minimal outlay of current savings or income. 

Ways to donate life insurance:

  1. Name Crohn’s and Colitis Canada as the beneficiary of an existing life insurance policy. Your estate will receive a tax receipt for the proceeds of the policy.
  2. Take out a new policy with Crohn’s and Colitis Canada as the owner and beneficiary, and receive annual tax receipts for your ongoing premium payments. 
  3. Transfer ownership of a paid-up policy, with Crohn’s and Colitis Canada named as beneficiary. You will receive a tax receipt for the current value (known as the “fair market value”).
  4. Transfer ownership of a partially paid-up policy, with Crohn’s and Colitis Canada named as owner and beneficiary. You will receive a tax receipt for the fair market value of the policy and annual tax receipts for the ongoing premium payments.

To make a gift of life insurance, contact mylegacy@crohnsandcolitis.ca and your insurance provider to transfer ownership of a policy, create a new policy, or change the policy beneficiary to Crohn’s and Colitis Canada.

What are my next steps to make a gift of life insurance? 

  1. To name Crohn’s and Colitis Canada as the beneficiary of an existing policy, contact your insurance provider to request a change of beneficiary form. Complete the form and return it to your insurance company. 
  2. To transfer ownership of an existing policy to Crohn’s and Colitis Canada, contact your insurance provider to request a change of ownership form. This form requires your signature as well as a signature from a Crohn’s and Colitis Canada official. Once transferred, you receive a charitable tax receipt for the cash surrender value of the policy even though Crohn’s and Colitis Canada will receive the gift later. If annual premiums are still owing on the policy these remain your responsibility; however, you will receive charitable tax receipts for all future premiums you pay. 
  3. To take out a new policy contact your financial advisor or your insurance broker to determine the best type of policy for you. 
  4. Contact Crohn’s and Colitis Canada to inform us of your gift because it helps us to better plan for investments in leading medical research projects. 

What information will my insurance broker need? 

Legal Name: Crohn’s and Colitis Canada 
Registered Charitable Number: 11883 1486 RR0001 
Address: 600-60 St. Clair Avenue East, Toronto, ON, M4T 1N5 
Telephone: 1-800-387-1479 
Email: mylegacy@crohnsandcolitis.ca 

Resources

Bequest notification form
 

Crohn's and Colitis Canada badge linking to donor site

Create a future free from Crohn's and colitis.

Get your free, customized legacy giving kit.

REQUEST

  • Canada has among the highest incidence rates of Crohn's and colitis in the world.
  • 1 in 140 Canadians lives with Crohn’s or colitis.
  • Families new to Canada are developing these diseases for the first time.
  • Incidence of Crohn’s in Canadian kids under 10 has doubled since 1995.
  • People are most commonly diagnosed before age 30.

Other Areas of Interest