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Gifts of Life Insurance
Life insurance is also an excellent tool for accomplishing philanthropic goals while realizing other important financial objectives. Life insurance may even allow you to make charitable gifts you would never have dreamed possible.
Making a gift of life insurance is quite simple. If you are the insured policy owner, you simply transfer physical possession of your paid-up policy to us and file an absolute assignment or transfer of ownership form with your insurance company. Your company will then send a letter to us showing that we are the sole owner of the policy.
Hypothetical Example
Emmett owns a $100,000 life insurance policy with a cash value of $40,000. No further premiums are due, and he no longer needs the coverage. He can ensure that we will receive $100,000 at his death by making us the beneficiary, or he can transfer ownership of the policy to us now. When he transfers ownership, Emmett receives an itemized charitable deduction equal to the lesser of his cost basis or the policy's replacement value.