Life Insurance
Whole life policies that have built up cash value but are no longer needed make an excellent charitable gift and can offer significant tax advantages, depending on your circumstances. You can also take out a whole life policy, donate the policy to HLI, and future premium payments would be gifts that are tax deductible as HLI would own the policy.
Gifts of Life Insurance – Human Life International
Life Insurance gifts can be an excellent means of providing a major future benefit and a simple and convenient way to support HLI’s mission. These are just some of the ways you can give:
- Donate an existing paid-up policy. You can claim an income tax deduction for the gift of a policy you no longer need.
- Take out a whole life insurance policy (participating or universal) and make Human Life International both the owner and the beneficiary of the policy. Your gifts made to cover the annual premium payment are tax deductible.
A net cash surrender value of $10,000 or more is recommended as a minimum, if premium payments will be necessary to perpetuate the policy.
Why give Life Insurance?
Your gift need not reduce your current income.
Small current outlay leveraged into larger future gift.
You do not have to change your will or pay any fees, and your gift will pass outside probate.
You may claim various tax deductions.
Giving an Existing Policy
Years ago, you may have purchased an insurance policy to protect your family, provide educational expenses or some other reason. Now you may have a paid-up policy that you no longer need. By assigning to HLI the ownership of your policy, you will get an income tax charitable deduction equal to the fair market value of the policy or its cost basis, whichever is less.
To make the gift, you simply transfer physical possession of your policy to HLI and file an absolute assignment of ownership form with your insurance company. Also fill out and return to HLI the Insurance Gift form with the policy.
Take out a Whole Life Insurance Policy
You can acquire a new policy and then transfer ownership of the policy to HLI. Your annual premium payments to HLI are tax deductible charitable gifts. When gifting the policy, fill out and return to HLI the Insurance Gift form (above) and include with the policy.