Gifts of Life Insurance

When you give a new or existing life insurance policy to SickKids, you’re turning small monthly premiums into a significant gift. 

The insurance benefit will eventually be paid directly to SickKids and is separate from your estate, so there are no administrative costs or probate fees. Your gift has no effect on your estate’s assets. And you’ll receive a charitable tax receipt that can be used in your lifetime, or for your estate. 

Ways to donate life insurance:

• Name The Hospital for Sick Children Foundation as the beneficiary of a policy. Your estate receives a tax receipt for the proceeds of the policy.
• Transfer ownership of a paid-up policy with The Hospital for Sick Children Foundation named as the beneficiary. You can receive a current tax receipt for the fair market value of the policy or defer the tax receipt for your estate. 
• Transfer ownership of a partially paid-up policy with The Hospital for Sick Children Foundation named as the beneficiary. You will get a tax receipt for the fair market value of the policy and annual tax receipts for your ongoing premium payments.
• Take out a new policy with The Hospital for Sick Children Foundation as the owner and beneficiary, and receive annual tax receipts for your ongoing premium payments. 

To make a gift of life insurance, contact our Gift and Estate Planning Team and your insurance provider to transfer ownership of a policy, create a new policy, or change the policy beneficiary to The Hospital for Sick Children Foundation.