Life Insurance

There are several ways you can use life insurance as the basis for a charitable gift.

Making the Charity a Beneficiary of Your Life Insurance Policy
You may wish to make the organization the beneficiary (or a contingent beneficiary) of a life insurance policy as a way to make a sizeable future gift. You retain lifetime ownership of the policy, keeping the right to cash it in, borrow against it, and change the beneficiary. A gift of this nature is treated much like a bequest made through your will. Because you retain the ownership of your asset (the policy), you will not receive an income tax charitable deduction for this future gift or for your premium payments during your lifetime. The policy's proceeds will be included in your gross estate, and your estate can take an estate tax charitable deduction.

Making a Gift of Your Policy
You may wish to transfer ownership of a policy to Woods, or purchase a new policy with the organization as owner and beneficiary. If you make the organization the owner and beneficiary of a policy, you are entitled to certain tax advantages.

For more information contact us at:

215.750.4216
wsfoundation@woods.org

Woods Services Foundation
P.O. Box 36
Langhorne, PA 19047

Back to Planned Giving