Life Insurance
Gifting your life insurance policy to us or naming us as a beneficiary of the policy is an excellent way to support Hebrew Free Loan.
If you own a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Hebrew Free Loan or naming us as a beneficiary of the policy once it matures or after you pass away. For example, you may have purchased a policy to provide for minor children who are now financially independent adults. You can now use your life insurance policy for charitable purposes.
Gifting a life insurance policy
- If you donate a mature life insurance policy to Hebrew Free Loan, you receive a charitable income tax deduction for the year in which you make the gift. You may also be able to reduce or eliminate any taxes on the policy.
- Transferring ownership of the policy may also lower your future estate taxes.
Naming Hebrew Free Loan as a beneficiary of a life insurance policy
- You maintain control and ownership of your policy and continue paying any premiums, and Hebrew Free Loan receives a payout to support its mission after you pass away. You can't claim a tax deduction during your lifetime, but your estate can claim one after you pass.
Gifts of life insurance video
How to make Hebrew Free Loan a beneficiary of your life insurance
To make Hebrew Free Loan a beneficiary of your life insurance, please contact your life insurance provider, request a beneficiary designation form, and include Hebrew Free Loan as a beneficiary of your policy.
Other considerations
You can designate Hebrew Free Loan as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.
Contact us
If you have any questions about making a gift of a life insurance policy, please contact us. We are happy to assist you. Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
