Life Insurance

Many people own life insurance.  By paying regular premiums, folks provide financial protection for their families or others named as policy beneficiaries.

Many, though, may not be aware that life insurance is also an excellent asset to donate to CFLS.  You can do this in any of three ways.

You can give all or part of the death benefit to CFLS by using a change of beneficiary form. There's no cost to make the change and, as long as the policy remains in force, CFLS will receive the assigned portion of the proceeds you designated.

You can give all of the death benefit by making CFLS both owner and beneficiary of a new premium-due policy.  An added bonus to this plan is that premiums can be deductible on income taxes if the person donates the premium annually to CFLS who, in turn, uses the contribution to pay the premium.  Of course, you have to itemize deductions to receive this bonus benefit.

You can give all of the death benefit by making CFLS both owner and beneficiary of a paid-up policy.  Since the policy is paid up, the gift idea is useful for folks who want to make a gift but do not want to purchase new insurance.  Again, there's a bonus.  Part of the previously paid premiums is deductible on income tax, if you itemize.  The insurance company can provide you with the deductible amount upon request.

To discuss this or other types of planned gifts, call our development staff at 202.347.0511, extension 405 or email development@cflsdc.org.