Believing that God has entrusted us with resources,
so we may give generously and joyfully,
we encourage individuals to consider a variety of ways to give.

     Ways of Giving
     Charitable Bequests
     A Child called Charity
     Revocable Deposit Agreement
     Appreciated Securities
     Donor Advised Funds
       Life Insurance
     Gifts of Registered Funds (RRSP/RRIF)
     Charitable Gift Annuities
     Charitable Remainder Trusts


Proper financial preparedness is important for expenses incurred when a family member passes away. As children age and families accumulate assets to provide for these needs the question arises as to the necessity of life insurance policies. Should you keep it? Cancel it? Donate it? It can be a tough decision and there are many considerations! And the considerations vary based on your age, financial situation, policy type, annual premiums, etc.

The time may come when a Whole Life policy does not require payments as the cash surrender value pays the premiums. At this point some people choose to name a charity as the beneficiary because their estate was going to have a tax bill and the future donation receipt would be helpful. However, another donor may not face a similar tax problem so they cash in the policy and give away the cash during their lifetime.

Considerations with Term Policies may be different as there is no cash surrender value rather an ongoing premium. Depending on the policy it may be worth donation even if the tax implications may be different.

Life insurance can be a useful tool for charitable giving especially when used appropriately. If you have an old life insurance policy (or are considering purchasing a new one), consider speaking with a CSS Stewardship Consultant to get unbiased, third party advice to ensure it suits your needs.

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