You can make a charitable contribution using a life insurance policy in a number of ways:
- Give a paid-up policy
- Give a policy on which you are still paying premiums
- Purchase a new policy for charity
- Assign dividends to charity
- Name a charity as primary, secondary, or final beneficiary on a policy you own
As with a retirement plan, you can choose to name the AMS as beneficiary of a life insurance policy. Upon death of the insured individual, the AMS will receive the death benefit and apply the amount to the program you designate.
Another alternative is available when an individual who owns a life insurance policy no longer needs it. If you no longer require its protection, you may wish to consider making AMS the beneficiary or transferring ownership of the policy to the AMS. If you transfer the ownership of a new or existing insurance policy to AMS, one benefit may include an immediate income tax deduction roughly equal to the cash surrender value of the policy on the gift date. Other benefits are income tax deductions for the continuing premium payments and a potential estate tax savings.
If you are interested in learning more about making a gift of life insurance, please contact the Development Office.