Your alma mater helped propel you to where you are today. Your church offered guidance when you most needed it. Thanking them by donating all or part of your life insurance may be a wise way to gain a tax deduction.<\/p>\n
There are many reasons one would choose to give this way. A gift of a paid-up policy can provide tremendous benefits to the institution, be it a church, university or other not-for-profit.<\/p>\n
Typical donors have outgrown the need for insurance protection, have paid the policy for several years, want to ensure the completion of a significant gift and use this gift of life insurance as part of a comprehensive financial plan.<\/p>\n
\u201cBefore you consider donating your life insurance, be sure to confirm the donation is even possible,\u201d said Mark Lublin of Life Insurance 2.0. \u201cFirst, you should ensure that the organization is a bona fide nonprofit\u2014that it’s a 501(c)(3) organization. Ask for certification.\u201d<\/p>\n