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October 2026
Life Insurance as a Gift
During this season of giving, you may want to donate more to your favorite charity but lack the funds to do so. Life insurance offers an affordable way to boost your charitable giving.
TAX BENEFITS
There are several ways to give life insurance charitably, some of which may offer tax advantages now or in the future. Talk with your accountant to understand how you can support a charity while gaining potential tax benefits.CHARITABLE CHOICES
One option is naming a charity as your policy's beneficiary. This removes the death benefit from your taxable estate while still allowing you to change beneficiaries later if your circumstances change.Another option is a charitable rider, if your insurer offers one. This rider directs a set percentage of your death benefit to a designated charity, while the remainder goes to your primary beneficiaries. For example, a $500,000 policy with a 10% charitable rider would give $50,000 to the charity, with the rest going to your loved ones.
Ask your advisor which option fits best for your situation.
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