Make a Lasting Impact with Life Insurance

A simple way to support Calgary-area children, their families, and local children’s charities

A gift of life insurance to the Big Hearted Mavericks Foundation can turn something you already own—or a modest premium—into a significant legacy that helps vulnerable children and families in Calgary and surrounding communities.

Whether you’re looking to make a future impact or wondering what to do with a policy you no longer need, this strategy can be surprisingly powerful for both you and the Foundation.

Why this makes sense

For you as a donor

• Turn an unwanted policy into meaningful impact. If you have a life insurance policy you’re thinking of cancelling, you can donate it instead and create lasting value.
• Achieve more impact with less out-of-pocket cost. Life insurance lets you leverage smaller premiums into a larger future charitable gift.
• Receive valuable Canadian tax benefits. Depending on the structure, you may receive a charitable tax receipt now or your estate may receive one later.
• Give in a way that preserves your lifetime cash flow while still supporting the causes you care about.

For the Big Hearted Mavericks Foundation

• Receive a future gift that can be directed to Calgary-area children and local children’s charities.
• Access funding that is efficient and predictable, because insurance proceeds often bypass probate and estate delays.
• Strengthen long-term support for organizations and families that rely on the Foundation’s resources.

Two smart ways to give

1. Donate an existing policy you no longer need

If your life insurance policy no longer serves its original purpose (for example, business coverage, mortgage protection, or a completed family obligation), donating it gives it new life.

• You transfer ownership of the policy to the Foundation.
• You receive a charitable tax receipt for the policy’s fair market value and may receive receipts for future premiums you pay.
• The Foundation becomes owner and beneficiary, ensuring the gift is preserved and put to meaningful use.

2. Name the Foundation as the beneficiary of a policy you still own

If you prefer to keep ownership of your policy:

• You designate the Big Hearted Mavericks Foundation as the full or partial beneficiary.
• The death benefit flows directly to the Foundation, bypassing the estate and avoiding delays.
• Your estate receives a charitable tax receipt that may help reduce taxes owed on your final return.
• This option gives you maximum lifetime flexibility.

What to keep in mind

• Confirm the policy type and its current values (cash surrender value, cost basis, outstanding premiums).
• Some transfers may create taxable gains—this is normal but important to plan for.
• Whole life or permanent insurance is usually preferable for long-term charitable gifts.
• Ensure the strategy fits into your overall estate and tax plan.

How to get started

1. Speak with an expert at the Big Hearted Mavericks Foundation, who can guide you through charitable policy donations and work collaboratively with your existing professionals.
2. Together with your insurance advisor or tax expert, confirm whether donating an existing policy or naming the Foundation as beneficiary is the best fit for your situation.
3. Gather your policy details, including type, values, and premium structure.
4. Complete the necessary forms, such as ownership transfer or beneficiary designation.
5. Keep documentation and coordinate with your tax professional to ensure you receive the appropriate charitable receipts.