Did you know that you can name Serving Seniors as a beneficiary of an existing life insurance policy or by setting up a new policy and receive a tax deduction? While most individuals purchase life insurance for themselves, a gift of life insurance is a wonderful way to support Serving Seniors at a fraction of the cost of other gifts.
By contributing your life insurance policy and naming Serving Seniors as the beneficiary, you can leave a legacy utilizing a thing you already possess. For instance, say you bought a permanent life insurance policy 25 years ago to assist your loved ones in case you passed away, and they required economic assistance. Now, that time has passed, and your initial beneficiaries would no longer need monetary support if you died. By contributing your policy and naming Serving Seniors as the beneficiary, you can feel confident knowing the policy still supports our mission.
To make a permanent contribution of life insurance to Serving Seniors while you are alive, you can transfer the actual possession of your policy to Serving Seniors. The policy’s death benefit will go to Serving Seniors upon your passing, if it is named as the recipient, and as the new policy owner, Serving Seniors will control.
In addition, depending on your estate or financial planning situation, it is possible to allow you to generate a larger one-time gift than you could make utilizing cash or another estate asset. For more information, contact Dave Ricks at dave.ricks@servingseniors.org or visit: https://servingseniorslegacy.org/?pageID=138
