Life insurance is one way you can provide financial security for your family. What you may not know is that once the needs of your family are taken care of, a life insurance policy can be donated to your favourite charity. Donating a life insurance policy can also provide tax savings.

By choosing VGH & UBC Hospital Foundation, you can help ensure the best health care is available for future generations, including your loved ones. Speak to your financial advisors for personalized advice on how a gift of life insurance can work for you.

How to leave gifts of life insurance:

Designate VGH & UBC Hospital Foundation as the beneficiary of your policy

You can use a life insurance policy to make your gift simply by designating VGH & UBC Hospital Foundation as the beneficiary of the policy. The insurance proceeds will be received by the Foundation tax-free and your estate will receive a donation receipt.

Transfer ownership of a paid-up policy to VGH & UBC Hospital Foundation

To receive an immediate donation receipt, you can make VGH & UBC Hospital Foundation the beneficiary and owner of an existing paid-up policy. You will receive a donation receipt for the fair market value of the policy at the time of donation and the Foundation may either redeem the policy or hold it and receive the face value after your death.

Transfer ownership of a policy on which premiums are still owing

You can transfer ownership of a policy to VGH & UBC Hospital Foundation even if premiums are still owing. You will receive a donation receipt for the policy’s fair market value at the time of donation. If you continue to pay the premiums after transferring ownership of the policy, you will receive donation receipts for those payments too.

Learn more about other ways to leave a gift in your will

This information is not intended as legal or financial advice. We encourage you to consult a qualified professional advisor.