For those that have life insurance either provided by an employer or their own individual policy or both, as a donor you can make periodic premium payments to your life insurance that can turn into a major gift. This is a great way for donors to make a big impact, one that has the ability to transform the lives of children around the world.
WAYS YOU CAN DONATE LIFE INSURANCE:
- Name Save the Children as a beneficiary on your individual or group life insurance, while you retain ownership of the policy. Your estate will receive a tax receipt when the proceeds are paid to Save the Children.
- Transfer ownership of an existing policy to Save the Children. A charitable tax receipt will be issued to you for the worth of the policy at the time of transfer.
- Purchase a new policy naming Save the Children as the owner and beneficiary. You continue to pay the premiums and receive a charitable tax receipt for those payments.
OR It may be to your advantage to name your estate as the beneficiary of your life insurance policy, and then make a same dollar amount bequest in your Will to Save the Children.
BENEFITS OF DONATING LIFE INSURANCE:
- If Save the Children is the beneficiary, a gift of life insurance can help offset the tax burden on your estate
- Periodic premium payments turn into a major gift, making this an affordable way to make a significant impact
- Receive charitable tax receipts for subsequent premium payments
- Your insurance policy is not part of your estate and so is not subject to probate fees
- Because your policy is not part of your estate, a gift of life insurance does not affect what you planned to leave behind in your estate for loved ones
If you have any questions, please contact our Planned Giving Officer Christa Kelly at: 1-800-668-5036 ext. 265, or email firstname.lastname@example.org
*We strongly recommend that you discuss this with your life insurance specialist before you make any commitments.