A gift of life insurance is a simple and affordable way to make a future major gift to ROM without reducing the assets in your estate.
- Donate an existing policy making ROM owner/beneficiary. Receive a charitable tax receipt for the cash surrender value and for all future premiums you pay. Save estate probate taxes when proceeds on death pass on to ROM.
- Take out a new policy and assign ownership to ROM. Receive a charitable tax receipt for all premiums you pay. Save estate probate taxes when proceeds on death pass on to ROM.
- Retain ownership of the policy (personal or Group Life); name ROM as the direct beneficiary upon your death. Your estate will receive a tax receipt for the amount of the proceeds received by ROM.
Alternatively, if you wish to make a gift of cash or property now and watch it work, an insurance policy can replace those assets in your estate, and your current gift will earn tax credits that can be spread over six years.
Gwen’s Story
Like many moms in Toronto, Gwen Harvey brought her kids to ROM to see the dinosaurs and experience the bat cave. But she also brought them to the Museum so they could learn about different cultures. “I wanted my children to have an understanding and appreciation for other people’s cultural traditions and backgrounds, and to open their eyes to a larger world outside of Toronto,” she says. A long-time friend and supporter of ROM, Gwen chose to support the Museum through a gift of life insurance.