While there are several types of life insurance, the concept of giving it remains the same, namely a small gift now can ultimately provide a much larger gift in the future. Types of policies you may want to consider giving are:
- a life insurance policy in force which is no longer needed for whatever purpose it was originally purchased. Typically it is an old policy and in many cases may be "paid up."
- a "forgotten" policy which has been recently remembered (or discovered during an estate planning effort).
You can designate Leading The Way as the beneficiary to receive the death value of the policy upon the passing of the insured. In this situation, you will continue to pay the premiums due if there are any. Or, you can transfer the ownership along with its cash surrender value to Leading The Way. Depending on the circumstances, Leading The Way may immediately cash in the policy to receive the cash surrender value, or may continue to hold (and in some case pay the premiums) until the passing of the insured. In this case, the donor receives a tax donation for the cash value of the policy on the date of the gift and also removes the death benefit value from his or her estate.
Please contact us for more information on gifting life insurance to Leading The Way.