Life Insurance

Some of the largest gifts to charities and/or not-for-profit organizations come in the form of donated life insurance policies.

There are many opportunities surrounding gifts of life insurance policies. With that, there are many variables based on type, ownership, beneficiary designation, etc.

You Could…

• Benefit now by naming Heritage as both owner and beneficiary, you may receive significant charitable receipts in the form of premiums still to be paid and/or existing cash value.
• Benefit later by naming Heritage as beneficiary (partial or whole) and you, the donor, will receive the charitable tax benefits as your estate is processed.

Several benefits of giving the proceeds of a life insurance policy

• Life insurance proceeds flow outside your estate and may reduce probate fees.
• You can enjoy significant tax savings either today or in your estate.
• A gift of life insurance is not subject to challenge by an estate beneficiary or secured creditor.
• Life insurance gifts normally reach the charity you have named much quicker than those given through the estate.