Gifts of Life Insurance
Policies that are no longer needed to protect your family from financial burdens of your passing can be used to fund your charitable plans by designating one or more of your favorite charities as the beneficiary. You may be able to transfer ownership of a policy with cash value to the charity and receive a charitable deduction. The charity will receive the face value of the policy upon your death.
How It Works
- You transfer ownership of a paid-up life insurance policy to your favorite charity.
- Your favorite charity elects to cash in the policy now or holds it for your lifetime.
- Consider designating and donating. It's simple.
Benefits
- Make a gift using an asset that you and your family no longer need.
- Receive an income tax deduction equal to the cash surrender value of the policy.