Life insurance
A gift of life insurance can be a meaningful way for you to create a future legacy at USask, often using something you already have in place. Depending on how you choose to give, a life insurance gift may offer charitable tax benefits either during your lifetime or through your estate. What works best depends on your personal circumstances and intentions. We are here to listen, to understand what matters most to you, and to help ensure your wishes are clearly reflected.
Gift of life insurance
There are three ways to make a gift of life insurance:
- Transfer ownership of an existing policy to USask and name the university as the beneficiary. The university will issue a charitable receipt to you for the policy’s cash surrender value, or potentially a higher Fair Market Value. You will receive a charitable receipt for ongoing premium payments.
- Purchase a new policy and designate USask as the owner and beneficiary. You will receive charitable receipts for the full amount of the premiums you pay.
- Name USask as a beneficiary of either a new or existing policy. Your estate will receive a charitable receipt for the value of the proceeds the university receives. Donor may update beneficiary at any time.
Contact us to create a gift agreement to share your intentions for the direction of the gift. Notify your executor or estate trustees if you have made USask owner and beneficiary of a gift of life insurance; we will need their support to transfer your gift.
The University of Saskatchewan advises donors to discuss their charitable giving plans with their professional advisors and family. Your legal or professional advisor can provide you with legal, estate, or tax planning advice for your personal situation.