Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to your designated charity. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to charity of your choice. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
- If your designated charity retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that they can pay the premiums
- If your designated charity cashes in the policy, you will be able to see firsthand how your gift supports their charitable work
- If your designated charity retains the policy to maturity, or you name them as a beneficiary, once the policy matures, the proceeds of your policy will be paid to a designated charity so that they can use the proceeds to further their charitable work
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer, and include your designated charity as the beneficiary of your policy.
Contact us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let your designated charity know if you have already named them as a beneficiary of your life insurance policy.