Life insurance is an excellent way to safeguard your family from life's uncertainties. However, did you know donating your life insurance policy to charity is a decision that can provide numerous benefits for both you and the charity you support?
By gifting your policy to a Truman Heartland Community Foundation fund, you can significantly impact the work of your favorite charities and support their missions for years to come.
If you own a life insurance policy that is already paid for and is no longer necessary for your family's needs, or if you have more insurance coverage than your family requires, consider transferring the policy's ownership to your charitable fund at THCF. You can also leave instructions to create a new fund if you don't have one already. This way, you can make a generous contribution while also receiving an immediate tax deduction for the approximate cash surrender value of the policy. Moreover, you can deduct future premium payments made to THCF as outright gifts.
You may also retain ownership of the policy and name THCF as the beneficiary of your policy. You can also choose to designate THCF as a partial, full, or contingent beneficiary of your life insurance policy. By doing so, you will still own the policy and can use it during your lifetime. It's best to consult with your financial advisor or tax professional to determine the best course of action for your specific situation. And, of course, your friends at THCF are always happy to answer any questions you may have.
Overall, donating your life insurance policy to set up a permanent fund at THCF is a great way to make meaningful contributions to your favorite causes. It's a process that can provide significant benefits to both you and the charities you support and can help ensure that your contributions have a lasting impact.