No matter what part of the Church is nearest and dearest to your heart, a gift of insurance can offer you the financial ability to make the gift you always wanted to. You can choose to either gift an existing policy or purchase a new one in only a few simple steps:

To Gift an Existing Policy

o If you have an existing policy that you no longer need for the protection of you, your family or your business, you can donate it to the Church.
o Your tax receipt is for the full cash surrender value of your policy.
o If premiums are still owed, and if you continue to make the payments, you can receive a tax receipt for them as well.

To Gift a New Policy

o You apply for a new life insurance policy.
o You designate your parish or favourite archdiocesan charity as the sole beneficiary and policy owner.
o You select a flexible payment method (pre-authorized monthly payments, for example).

A gift of insurance can give you the flexibility to make a substantial financial contribution to the Church at your time of death without affecting you or your family’s current standard of living. Your policy and premiums can be structured to fit easily into your budget and are fully tax deductible.

Here is what Michael Hudson, a faithful parishioner in the archdiocese of Toronto, wrote to the Development Office about his reasons for making a gift of insurance to the Church: 

“I am blessed to have a wonderful wife. When we found out we were going to have a baby, I decided to convert to Catholicism. I have learned being a Catholic is a real walk of faith. We never know what God has in store for us the next day, and we must pray for what we have today.

“We can be faced with hard trials in our lives. In 2010, we lost our niece, Maribel. She was very close to our family. This was a real test of faith. To deal with this pain, I remind my wife and son that she is in heaven and Jesus is now holding her in His arms, saving her from all the cares of the world.

“In many cases, we have to carry our cross but God is always with us during our trials, through good times and bad. We must always pray and be thankful.

“We can’t buy entry into heaven but, no matter how big or small a gift may be, we can say thank you for our faith. My gift of insurance is my way of saying thank you.”

Gifts of insurance can make a real difference to your parish or favourite archdiocesan charity. Speak with your advisor to receive help choosing from a variety of financial and estate planning options. Each is designed to meet your own personal financial planning needs.

(Schesnuik is Manager, Planned Giving and Personal Gifts for the archdiocese of Toronto.)