Donate Life Insurance to Charity
For people who want to donate their life insurance to charity, it's not uncommon for them to name the charity of their choosing as the beneficiary of the policy. This can be a wonderful way to donate more upon passing than they could with just a cash donation today, however it's not ideal for everyone. In fact, unless the policy is paid up, most people can't afford to keep the premiums up on the policy, especially when they live longer than expected.
There's another way seniors can donate to charity using their life insurance policy now. If you choose to do a life settlement, you can donate some or all of the proceeds to the charity of your choosing while also creating a tax write off for yourself.
Life insurance can be a great way to protect your loved ones, but when people live a longer life they find themselves stuck in a contract with hefty premiums. Most universal life policies have an increasing cost of insurance as the insured ages, making it more difficult to keep the policy in force when the premiums become unaffordable. They're often torn with paying another premium to save their investment or just letting it lapse to avoid the financial burden that has been following them for all these years with no end in sight.
If you feel like your life insurance policy has become a financial burden and would rather donate to charity, see how much your policy is worth to an investor and perhaps you can relieve yourself from having to pay another premium while also feeling good about giving to an organization that's important to you.
For a free appraisal, send us some basic details about your policy here.