Gifts of Life Insurance Policies
Life insurance gift plans are an inexpensive way to make large gifts. You can give Campbell a paid-up policy of whole or universal life insurance, and receive a current income tax deduction approximately equal to the policy’s replacement cost. Or, you can purchase a new policy of whole or universal life, give the policy to Campbell, contribute the premiums as they fall due, and receive an annual income tax deduction for the premiums contributed.
These are great gift plans for younger donors because premiums for them are modest compared to premiums for older donors.
Features of this gift plan include:
- Ease – your agent has a form for you to sign that simply changes ownership of the life insurance policy to Campbell.
- Control – we can draft a separate 8th document for you in which you can specify how the proceeds from your life policy are to be used by Campbell.
- Income tax savings – you receive an income tax charitable deduction for either your gifted policy’s replacement cost or the premiums you contribute each year.
- Estate tax savings – the proceeds of life insurance policies you own at the time of your death are includable in your estate for estate tax purposes, so getting life insurance policies out of your estate may reduce your estate tax liability.
- Larger gifts possible – donors find that the “cost” of making a life insurance gift is small compared to the “proceeds” later received by Campbell from the policy, thus enabling them to make gifts larger than they thought possible.
Let us mail or email you our Campbell Planned Giving Tools flyer entitled “Making a Gift of Life Insurance.”