Life Insurance

Extend your reach

A gift of life insurance can have a far greater impact than you might think. A relatively small effort today may one day have a considerable influence on McGill's future students, researchers and faculty.

There are several ways of making a gift through life insurance:

• Surrender an existing policy – Often individuals own life insurance that they purchased for financial security when they were younger. Circumstances may have changed so that the life insurance policy is no longer needed, and the ownership of the existing policy can be transferred to McGill University. In this case, you receive a tax receipt for the fair market value of the policy at the time of your gift (which may exceed the policy's cash surrender value). If premiums are still being paid on the policy, you will receive tax receipts for all future premiums.

• Purchase a new policy – You purchase a new policy and name McGill University as the owner and beneficiary. You receive a tax receipt for premiums paid each year. McGill will receive the proceeds of the life insurance policy upon your death and use the funds to support the area(s) that you have chosen.

• Designate McGill as the beneficiary of your policy – You can name McGill University as a beneficiary of a new or existing insurance policy. Upon your death, McGill will receive the proceeds of the life insurance and your estate will receive a charitable tax receipt equal to the policy's death benefit.

Things to consider

• A gift of life insurance may allow you to make a larger gift than you could make from your current disposable income.

• McGill issues you official tax receipts for premiums paid on the policies it owns.

• Your gift will not be reduced due to taxes, fees, cost of probate or administration.

• There is no minimum gift level for gifts of life insurance.

• You can support a University priority that meets your interest, such as student aid, building projects, programs or research. (We encourage you to do so in consultation with the Bequests and Planned Gifts staff.)

Planning for the future

Have you included McGill in your estate plans? If so, we invite you to complete the “My Gift for Future Generations” letter and return it to the Bequests & Planned Gifts Office. This document ensures that your wishes are fulfilled and that your gift is used as you have specified. You may direct your gift to support a specific faculty, school or department, or any other areas of your choice, such as scholarships, professorships, research and libraries. Unrestricted gifts are used by the University to address its most pressing needs at the time of receipt. We hope you will take a moment to complete this form and return it to us.