A gift of life insurance is a simple and convenient way to support Branksome Hall. For a relatively small financial outlay, your life insurance policy allows you to make a significant gift for the future.
Many donors would like to make a significant contribution; they may not, however, have the resources to make a large gift during their life. This option is a creative way to make a gift you didn’t think possible, using either a new or existing policy. What are the Benefits?
How to Make a Gift of Life Insurance
- Simplicity and Convenience: The transaction is simple. Your life insurance specialist can advise you on the type of policy that would best fit your needs, custom design your program and carry through with the necessary paperwork.
- Inexpensive: Make a larger gift than you might otherwise be able to, without depleting your current assets or your estate later.
- Leverage: The eventual value of your policy will be far greater than the premiums you pay.
- Save Taxes Today: With some arrangements, receive charitable tax receipts for the premiums paid or the policy’s cash value.
- Estate Preservation: The estate you leave your family does not diminished because life insurance is external to the estate.
- Eliminate Probate, Legal and Executor Fees: Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to Branksome Hall, at maturity or at your death.
- Control: Life insurance is not a matter of public record and allows you to remain anonymous, should you choose. Further, unlike a will, the gift cannot be contested.
Please Seek Expert Advice
- You may take an existing policy that has completed its original purpose and simply have the ownership and beneficiary designation transferred to Branksome Hall. This designation cannot be changed. A charitable tax receipt will be issued for the policy’s value when transferred. Any continued premium payments also qualify for a charitable tax receipt.
- You may purchase a new life insurance policy in which Branksome Hall is named as the owner and beneficiary. You continue to pay the premiums and receive a charitable tax receipt for those payments. Again, this designation cannot be changed.
Branksome Hall strongly recommends that donors seek professional advice to ensure your financial goals are considered, your tax situation is reviewed and your legacy gift is tailored to your circumstances.