People purchase life insurance to provide financial protection for their family, business or estate. Later in life, donors may find that they do not require as much insurance and may find it desirable to use insurance policies for charitable giving. A gift of life insurance enables donors to make a much larger charitable gift than they thought possible and will most likely not significantly reduce the donors current income stream.
Donors can make a current gift to LVCF life insurance by transferring ownership of a whole-life policy that is no longer needed and naming LVCF the beneficiary. Provided minimum fund requirements are met, donors may choose to create an endowed LVCF fund to benefit from the gift. This type of gift provides a current tax benefit & ultimately creates a donor's legacy that will support the causes they care about in perpetuity.
Contact Erika Riddle Petrozelli, Director of Donor Services, at (610) 351-5353 for more information about life insurance.