George Ferdinands has fond memories of growing up in Ceylon, long before it was renamed Sri Lanka. He remembers running barefoot on its beautiful beaches, and playing soccer in his underwear in the torrential monsoon rains. Of Dutch and English ancestry, he loved the diversity of the people of Sri Lanka. He also loved meeting people of diverse cultures and backgrounds around the world while working as a young man with the British Merchant Navy.
George has always felt empathy for the underprivileged. He married, came to Canada, raised a family, and started supporting charities to assist people in developing nations. When his children were young he took out two life insurance policies, making his children the beneficiaries. Since then, his wife passed away and his children grew to become financially independent. As a result, he spoke with his children about his insurance policies and they agreed it would be great to use them to benefit people in significant need.
That was not long after the tsunamis had hit Southeast Asia. Areas in Sri Lanka that George remembered as a child and youth were devastated. Already a Red Cross donor, George was aware of the Red Cross work with the local communities there to provide relief and recovery for tsunami survivors. He decided to make the Canadian Red Cross the new beneficiary of his life insurance policies.
The process of changing the names of his beneficiaries was simple. George contacted the representative of his insurance company and provided his signature on the forms the company provided.
As a result, George and his family can feel satisfied in the knowledge that their thoughtfulness and generosity will help those who face the most tragic of circumstances in the future. There will also be a charitable receipt issued by the Canadian Red Cross at the time this gift is realized which will reduce any taxes payable by George’s estate. As a result, the beneficiaries in his Will stand to benefit.
There are numerous options for those wishing to support the Red Cross through Gifts of Insurance. The Canadian Red Cross may be a beneficiary or co-beneficiary of an existing or new policy with the benefits described above.
One may also assign ownership of a policy to the Canadian Red Cross. In this case, the donor also
receives an immediate charitable donation receipt if there is a cash surrender value to the policy, as well as charitable receipts for the value of premiums if paid by the donor each year. All may be used to offset taxes payable.
Thank you George, and to your family for your thoughtfulness and generosity, and to others who choose to support the work of the Red Cross through gifts of life
insurance!