Donating Life Insurance?

We have all heard of bequeathing one’s body for the advancement of medical science.
Not for everyone!
But why not bequeath your outdated life insurance policy?

Many of us have purchased life insurance for a financial need that no longer exists, whether for surviving family members or business interests, as things change so do life insurance needs.

You may have life insurance policies that have outlived their usefulness. Perhaps you have a policy that protected a former business or maybe your children have grownup and you no longer need as much coverage because your children are financially secure. Sometimes estate planning issues change and the life insurance is no longer relevant.

Donate these policies and give them new purpose by allowing your church, synagogue, one of our great medical facilities, your alma mater, YMCA, Boy Scouts, or any number of fantastic charitable organizations to benefit from your benevolence. You may be surprised how inexpensive it can be to provide a large donation using life insurance.

You may have a term contract that may allow conversion to a permanent plan without the need for you to get examined.  For example a $100,000.00 life insurance policy on a 55-year-old male or female can be converted to a permanent plan  for as little as $1,000.00 per year of premium.

With the strike of a pen you can provide a large gift of $100,000.00 instead of just a $1,000.00 donation.

When designed properly the premium can be paid in the form of a tax deductible contribution.  Please contact the CII or the foundation for further information.