How It Works

 Life insurance is an economical way to make a much larger gift than the dollars you actually would pay.

 1. You buy a new life insurance policy naming the charity the owner and beneficiary of the policy. The premiums you pay annually result in a tax deduction to you each year. The  premium amount is based on the size of the policy, your age, your insurability, and the number of years to pay premiums. This method is particularly advantageous for younger donors.

2. To an existing life insurance policy you may change the beneficiary to the charity of your choice.

 3. You may make the charity a secondary beneficiary of a policy in the event your family beneficiary dies first.

 4. You may use life insurance as a wealth replacement procedure along with a life insurance trust or a Charitable Remainder Trust. This can save capital gains taxes resulting in more assets left to heirs.

What To Do

 Contact a life insurance agent who also understands total financial planning. The agent can sell you the policy but more importantly look at your overall financial plans (if you wish that additional service.)

Benefits To You

 You pay for a large gift in small payments over a number of years.
 You receive income tax deductions for each year in which you pay premiums to a policy owned by the charity.
 Your gift does not reduce the size of your estate, nor does the gift have to be probated.
 You can transfer more assets to your heirs.