A gift of your life insurance policy is an excellent way to make a gift to charity. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Gifts of life insurance provide a convenient and affordable way for you to make a substantial future gift with a modest contribution while also reducing your income taxes. When you make United Way the owner and irrevocable beneficiary of a life insurance policy, you may enjoy tax benefits, including charitable income tax deductions for any premiums that you may pay in the future.
BENEFITS OF GIFTS OF LIFE INSURANCE
- Receive a charitable income tax deduction
- If United Way retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to our organization so that we can use the proceeds to further our charitable work
HOW TO MAKE A GIFT OF LIFE INSURANCE
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include United Way as the beneficiary of your policy.