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Making a Gift of Life Insurance

You Don’t Need to Be Wealthy to Leave Money
to Your Favorite Charitable Organization

Charitable organizations have many different missions and play important roles in people's lives. These communities of dedicated individuals support a variety of causes. Have you considered a gift that will live on after you, continuing the work that you cherish?

You don’t need to be wealthy to leave money to your favorite charitable organization. By gifting life insurance, you can contribute far more than might otherwise be possible – it’s a way to continue your stewardship and make a difference even after you’re gone.

There are several ways to make a gift of life insurance to a charitable organization:

  1. Purchase a life insurance policy and name your charitable organization as the beneficiary and “owner.”
    You pay the annual premium, which you can deduct from your income tax as a charitable gift. On your death, your charitable organization receives the life insurance benefit free of any taxes.*
  2. Gift an existing policy to your charitable organization.
    If you have a life insurance policy that you no longer need, consider giving it to your charitable organization. You may receive an income tax deduction in the year of the gift, as well as for future premiums that you pay.*
  3. Name your charitable organization as beneficiary on your policy for either all or a portion of the death benefit.
    You will still own the policy, and so you will continue to have access to any cash value. Although this approach may not provide a federal income tax deduction in the current year, your estate may receive an estate tax reduction for the amount of the death benefit that you bequeath to your charitable organization.*

Consider the Advantages

Making a gift of life insurance offers a number of important benefits:

If making a gift of life insurance appeals to you, contact the business manager of your charitable organization to discuss it. The business manager may be aware of long-range funding programs to make the most of your gift and be able to provide additional insight.

Your Western & Southern Life representative can provide you more information about our charitable giving program. Contact us for more information.

*Information provided here is general in nature and is not meant to offer tax advice. You should consult your own tax advisor for more information.

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Last Updated: 9/18/2017