Could Your Life Insurance Policy Do More?

Many people own life insurance policies purchased years ago to protect their family. If circumstances have changed and you no longer need that protection, that same policy could become an easy way to support our mission and create a lasting impact without affecting your day-to-day finances. In some cases, it requires nothing more than a beneficiary update.

Ways to Give Through Life Insurance

There are three common ways to make a gift of life insurance, depending on your goals and what works best for your situation.

• Name us as a beneficiary. One of the easiest options is to designate us as a beneficiary on an existing policy. This option costs nothing today and preserves complete flexibility if your circumstances change. While a beneficiary designation does not generate an income tax deduction, your estate may benefit from a charitable estate tax deduction.

If you would prefer immediate tax benefits, consider these two approaches:

• Transfer an existing policy directly. You may be able to transfer ownership of an existing permanent life insurance policy to us. If the policy is fully paid up, there is no additional out-of-pocket cost to you. If premiums are still due, you can make annual tax-deductible contributions to us to cover them. Depending on your situation, this type of gift may also provide a charitable income tax deduction—generally equal to the cost of the total premiums you have paid, subject to limitations.
• Purchase a new policy. You can also apply for a new life insurance policy and name us as the owner and beneficiary. By making annual, tax-deductible contributions to cover the premiums, you can turn modest annual gifts into a much larger and enduring impact on our mission.

Life Insurance Can Help You Give More

However you choose to give, a gift of life insurance can create a lasting legacy—often without disrupting your current cash flow. Learn more about your options here.