Gifts of Life Insurance
You can name Susan G. Komen Northwest NC as a beneficiary of a new or existing. It’s an easy, convenient, and private way to make a gift that will have lasting effects on our community. There are three ways to make a gift using a life insurance policy:
With an Existing Policy
If you have a policy that you purchased years ago, but the need for that coverage no longer exists, you can contribute the policy to Susan G. Komen Northwest NC instead of cashing in the policy. By changing ownership and the beneficiary of the policy to Susan G. Komen Northwest NC, you will receive an immediate charitable deduction on your taxes for the cash value of the policy. If you also continue to make premium payments on the policy, you can take additional charitable deductions each year. If your estate is subject to estate taxes, this type of gift can reduce the taxable value of your estate and save you thousands of dollars in estate taxes.
If you find that you cannot afford to transfer your policy to Susan G. Komen Northwest NC and your policy pays dividends, you can also donate those dividends to Susan G. Komen Northwest NC.
By Beneficiary Designation
If you no longer need a life insurance policy, you can name Susan G. Komen Northwest NC as the beneficiary. Or, if you still need the policy, but at a lower level, you can name Susan G. Komen Northwest NC as the beneficiary of the portion of the policy you no longer need. You can also name Susan G. Komen Northwest NC as a contingent beneficiary should your other beneficiaries not survive you. These are all great ways to help fight breast cancer without giving up any of your much-needed assets during your lifetime.
With a New Policy
You can substantially increase the amount you give to Susan G. Komen Northwest NC by funding a new life insurance policy. You can get a charitable deduction on all of the premium payments, the premium payments reduce the amount of any estate taxes you might owe by lowering the value of your estate, and, upon your death, you have multiplied your generous lifetime gifts by leaving the proceeds to Susan G. Komen Northwest NC.
For new policies, some companies offer a charitable giving rider at no additional cost to you; in addition to the face amount of the policy, which will pass to your named beneficiary, the company will give an additional 1-2% of the face amount of the policy to the charity of your choice. The gift does not increase your premium payments or reduce the cash or face value of your policy.