Do you have several life insurance policies? If so, consider how, when, and why you acquired those policies.
- Did you initially purchase a policy years ago when your children were young, but now they are adults?
- Did you buy a policy that your spouse could use to pay off mortgage debt, but now you no longer own that home or are living debt-free?
- Do you or your spouse own life insurance that an employer initially purchased?
- The reason for initially purchasing the policy may no longer exist. You might own more insurance than you need. If so, you could be over-insured.
Life Insurance
A form of insurance provides a fixed sum (the death benefit) to a designated beneficiary upon the insured’s death.
How to Use Your Policies For Good
Did you know you can use old or unnecessary life insurance policies in new ways to achieve your goals? There are various ways that you can use your life insurance to support our cause.
- You can give your unneeded policy to support our work today.
- You can name our organization as a beneficiary of a policy you still want to hold on to.
- You can transfer your policy into a charitable remainder trust or other instrument and receive income and tax benefits based on its value.
Your Insurance Can Be Your Legacy
Did you know life insurance is one of the best ways to create a meaningful legacy? There are many reasons why insurance is essential. It is easy to leave something to provide for the people or causes that mean the most to you. If you do not currently own a life insurance policy, here are a few things to consider:
- Because of competition in the industry, life insurance is generally a bargain.
- You can save money by getting quotes from more than one underwriter.
- Even insurance with a small premium can result in a large payout to beneficiaries.
A Gift of Your Policy Provides Benefits
When you gift your life insurance policy to us, you will receive an income tax deduction this year.
If you want to make annual gifts to help us pay the premiums to maintain your policy, you will receive an income tax deduction for each of your gifts.
You can exchange your insurance for a life-income gift that will provide annual payments to you. We benefit from any funds that remain.
It is Easy to Name Us as Beneficiary
- Name us as a partial or total beneficiary.
- Ask your life insurance underwriter for a beneficiary designation form.
- Let us know so we can work with your insurer to make sure your gift arrives as you expect.
Contact Us
If a gift of life insurance interests you, don’t hesitate to get in touch with us. We would be delighted to talk with you and answer any questions regarding converting your unneeded life insurance policy into something meaningful.