Gift Options: Life Insurance
A gift of life insurance enables donors to make a much larger charitable gift than they thought possible. In most cases a gift of life insurance does not significantly reduce a donor's current income stream.
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.
Donors can make a current gift of life insurance by transferring ownership of a paid-up policy that is no longer needed and naming AAACF the beneficiary. By assigning a Life Insurance Policy to AAACF, donors can support the causes they care about with a gift that will give forward for future generations - For good. For ever.
When transferring ownership of a life insurance policy, donors are entitled to a federal income tax deduction for the cash surrender value of the life insurance policy in the year the gift is made.
Donors may establish any type of endowed fund at AAACF with an insurance policy, provided minimum fund requirements are met.
The Community Foundation is happy to work with donors and their professional advisors to arrange a gift of life insurance. To learn more or to arrange a gift,
please contact AAACF CFO Doug Weber.
AAACF meets national standards for Community Foundations.