Life Insurance as a Charitable Donation

Using your life insurance benefit as a gift to charity is an easy way to do a little good with the money you've made during your life.

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Naming a charity as your life insurance beneficiary

You can make a generous charitable donation by choosing an organization as your life insurance beneficiary. Upon your death, your policy's proceeds will be paid to your chosen organization as a charitable gift.

Charitable donation tax benefits

Since donations made to charities are not subject to tax, your policy will be paid entirely to your chosen charitable organization. Plus, your monthly life insurance policy payments can be claimed as an itemized tax deduction.

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Explore other tax benefits to naming a charity as the beneficiary of your life insurance policy, contact an InsureMe representative.

Details, alternatives and recommendations

Choosing a charitable organization as your life insurance beneficiary means you need to purchase a whole life insurance policy. To avoid excessive estate taxes, consider signing over your life insurance policy to your chosen charitable organization.

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If you want more information about other tax benefits to naming a charity organization as your life insurance policy's beneficiary, contact an InsureMe representative.

For more help . . .

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

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