3 Ways to Donate Life Insurance
Your need for life insurance most likely declines with age. Find out how you can put your policy to good use to benefit you and a Genesis Foundation.
- Let it go. A gift of a paid-up life insurance policy makes an excellent charitable gift. We will take a policy's cash value or retain the policy for its ultimate death benefit. You receive a current deduction amounting to the cost of replacing the policy with a single premium life insurance policy at your current age (but not more than you've invested in the policy).
- Start anew. You can take out a new policy with a Genesis Foundation as owner and beneficiary. Your continuing premium payments, usually given directly to us, are income tax deductible.
- Pay the premiums. You can also donate an existing policy and keep up the premiums. If you should lapse on the payments, we can either receive the surrender value of the policy, buy a smaller paid-up policy with the cash value or continue the premium payments for the life of the insured.
Gifts of life insurance are usually deductible up to 50 percent of your adjusted gross income. If necessary, you may carry over any unused deduction for up to five additional years.
Please contact Steve Goebel, CFRE today at 309-281-4392 or firstname.lastname@example.org if we can answer any questions you may have about supporting our cause through a gift of life insurance.
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.