Your life insurance policy is a valuable asset and an effective way to make a more substantial gift than you might have thought possible.

An appealing new option on the market is powerful if used in the right circumstances: a single premium life insurance policy, which requires only a one-time donation and is eligible for a charitable tax receipt. This kind of policy allows you to make one large sum payment and receive immediate tax relief, something which could be especially useful in a year where you have a large tax liability. The donation can grow over time, depending on the market, and has a certain guaranteed growth, deemed by the criteria of the policy.

One advantage of life insurance gifts is that they are separate from your estate, so there are no administrative costs or probate fees. They have no effect on your estate’s assets and you get a charitable tax receipt that can be used either during your lifetime, or for your estate.

Other life insurance options

  • If you already hold an existing policy that’s no longer needed for the purpose for which it was intended, you could simply name Trinity College School the beneficiary. Your estate will receive a charitable tax receipt for the proceeds.
  • You can make TCS both owner and beneficiary of an existing paid-up policy that no longer meets the needs for which it was originally purchased. Any cash value is considered part of the gift and you’ll receive a charitable tax receipt.
  • You can transfer ownership of a partially paid-up existing policy to the School and make us the beneficiary. You’ll receive a charitable tax receipt for its fair market value, as well as annual charitable tax receipts for the ongoing premium payments.
  • You can take out a new policy and name TCS as owner and beneficiary. You’ll receive an annual tax receipt for the premium payments.

These gifts can be tailored to support your own particular circumstances and may be the perfect way to make a significant contribution to support the future of Trinity College School, once you have made provisions for your family and loved ones.

Have a conversation with your financial advisor or insurance provider about which method will have the most impact and makes the most sense for you, then talk to us to ensure we can fulfill your wishes.