Life Insurance

Normally, life insurance is thought of as a way to safeguard the financial security of your family. It can be a very effective investment and is often purchased as part of a tax advantaged retirement strategy. But life insurance can also be an economical way to create a large and lasting charitable gift.

There are several ways you might consider using life insurance to also provide future security for young people to share the gospel.

There are three principle ways of giving the proceeds of a life insurance policy to NET Ministries of Canada, as follows:

1. Name NET Ministries of Canada as a beneficiary. Normally the beneficiary of life insurance is a spouse, or other immediate family member. If these loved ones are provided for through other means, a charity can be named as a beneficiary simply by contacting your life insurance provider and requesting the change be made to the policy. There is no immediate tax benefit to the donor in this instance, as the gift is revocable should circumstances force the donor choose to later change the beneficiary again. However, a tax benefit would be provided to the estate on the final tax return.
   
2. Give an existing policy itself. The ownership of either an existing or a new policy can be transferred to NET Ministries of Canada.
   
3. Take out a new policy and immediately transfer ownership.

Benefit to the Donor