I really want to do more to support the charities that I care about. How can I maximize my level of charitable giving?
No matter how old we are, what we do for a living, how much money we make, or where we live – we all want to make a difference in the world. We make contributions of our time and money to our favorite charities throughout our lifetimes. But once we die, our contributions stop. But what if there were a way to continue those monetary contributions beyond the grave?
A life insurance policy naming a charity as owner and beneficiary can be the perfect way to provide that lasting legacy. Most institutions don’t have many donors who can contribute $5 million. But by starting a planned giving program using life insurance, they could easily someday have 500 supporters who could each purchase $10,000 of coverage.
The average person may not be able to write checks to their favorite charity for tens of thousands of dollars. But, they can write checks for $50 or $100.
A gift of a life insurance policy is a practical and affordable way to make a charitable contribution that is much larger than might be made through direct contributions alone.
With the payment of just one premium and by a single stoke of a pen, the average person can create a substantial endowment that will survive long after he or she is gone.
A tremendously large benefit can be created with life insurance compared to an outright give of the same out-of-pocket cost.
With the organization or charity listed as the owner and beneficiary of the life insurance policy, the premiums are tax deductible as a charitable contribution. Or, if an existing policy is transferred to the charity, the policy’s current cash value and any future premiums can be deducted as a charitable contribution.
One hundred years from now, no one will remember what house you lived in, what kind of car you drove, or what you did for a living. What they will remember is the legacy you left for the generations to come. The time to start is now. The satisfaction of giving to charity, combined with the practical benefits of tax deductions through life insurance, can turn affordable contributions into major gifts.
If you would like to see your options to maximize your charitable giving, OR if you are a non-profit and want to explore this concept with your members, call Beck Insurance Agency today. Call 419-446-2777, email us at help@beckinsurance.com, or click here to submit your request.
