Life insurance is a tool with many purposes. Perhaps when your children were young, you purchased policies to provide them with financial protection. But if your situation has changed, you might be interested in one of the more satisfying uses for life insurance you no longer need – donating it to Shriners Hospitals for Children®.
Cost Efficient
You can make a significant gift even if your means are limited today. By making small premium payments each year, you can leave a sizable gift.
Tax Beneficial
For existing policies, you may receive an income tax charitable deduction if you itemize. For a new policy, with Shriners Children’s as owner and beneficiary, premiums may be deductible.
Secure and Confidential
Life insurance is a contract and can’t be changed by heirs. If you make Shriners Children’s policy owner and beneficiary, it’s not included in probate and remains confidential.
Helpful to Our Mission
Life insurance gives you a low cost option to make a gift, helping you to make a bigger impact on our work than you may have thought possible.
When you name Shriners Children’s as the policy owner and beneficiary, you qualify for a federal income tax charitable deduction for the lower of the policy’s fair market value or your cost basis. For paid-up insurance, the fair market value is the cost of replacing the coverage with a new policy issued today based on the current age of the insured at the same face amount as the original policy.
If premiums are still payable on the policy, the fair market value is usually close to the cash surrender value. You may stipulate to us that you wish to no longer make future premium payments, allowing us to access the surrender value immediately for our cash needs.
If you would rather retain ownership of a policy for your own financial security or that of others, you have the following options:
In most states, you can enter into a new insurance contract with a qualified organization such as Shriners Children’s as the beneficiary and owner of the policy.