You will also receive a tax receipt for any future premiums paid on that policy. If you take out a new policy, assigning the United Church as owner and beneficiary, you will receive an income tax receipt for the full amount of the annual premiums you pay. New Policies arranged by a Life Underwriter A gift of Life Insurance can be arranged through your Insurance Agent. For premiums to be tax-creditable, the policy must be irrevocably assigned to the church. Insurance A gift of Life Insurance can be made for a relatively small outlay of cash.
Premiums are tax-creditable for new policies.
A gift of an existing policy earns you an immediate tax receipt for the cash value of the policy. A gift of Life Insurance does not reduce the size of your estate.