Why not give the gift of a charitable legacy using your own life insurance policy? You can even make considerable tax savings depending on how you make arrangements with your own insurance company. There are two different ways that you can do this.
Make Honour House the Owner and Beneficiary of a Policy
Payments made to a policy that has been signed over to Honour House Society will qualify as a tax-deductible donation which means more annual tax savings for you. You can either transfer ownership of an existing policy or buy a new policy and assign it to Honour House Society as owner and beneficiary.
Name Honour House as Beneficiary in Your Own Policy
You can keep full ownership of the policy and just name Honour House Society as a beneficiary or make your estate the beneficiary and leave instructions in your will for Honour House Society to receive funds. You can’t receive annual tax credits with this method but the amount of income tax that your estate has to pay may be reduced depending on how arrangements are made with your insurance company.