Life Insurance Policy

For some people, there comes a time when life insurance is no longer needed. Sometimes children have grown up, or there are no heirs. In this case, there are three ways you can make a gift of life insurance to support Nova Scotians living with mental illness and addiction.

Change an existing policy

You can change your beneficiary to the Mental Health Foundation of Nova Scotia. We cannot offer an immediate tax receipt; however, after death, your estate will get a charitable donation receipt. As a result, the income tax payable on your estate’s final tax return can be offset. Your gift will not be subject to probate taxes. 

Transfer ownership of an existing policy

If you’d like to receive immediate tax savings, you can transfer ownership of a policy to the Mental Health Foundation of Nova Scotia. At the same time, make the Mental Health Foundation of Nova Scotia the beneficiary. As a result, a portion of your policy’s value will be taxable as income, but you will receive a charitable donation receipt to offset taxes. If premiums are still owing, you will receive a receipt for every premium you continue to pay on that policy.

Purchase a new policy

You can purchase a new life insurance policy to support the Mental Health Foundation of Nova Scotia. By designating the Mental Health Foundation of Nova Scotia as its owner and beneficiary, you will receive an income tax receipt for your annual premium payments. If you name the Mental Health Foundation of Nova Scotia as beneficiary only, you will not receive an income tax receipt for your premium payments, but your estate will receive a tax receipt for the face value of your policy.