Thinking about cancelling an old life insurance policy?  If you do cancel it, the life insurance company wins. 

All those premiums you've paid toward the policy belong to the insurance company and they'll never have to pay out the death benefit value.  Many people purchase policies when they're younger to help cover the risks of expenses like mortgages and child care should an accident occur.  Then, once the mortgage is paid and the kids are independent, they think about cancelling their policy.

Why not donate the policy to the Campbell River Hospital Foundation?  This type of gift demonstrates your legacy of care.  If you are still paying premiums on the policy when you cancel it, you will receive a tax receipt each year equal to the value of your premium payments.  If you have finished paying premiums, you may receive a receipt right away.

To learn more about building your legacy through life insurance gifts, contact our office or talk to your financial advisor or accountant.