Life insurance is a great asset for you and your loved ones. Did you know it can also be a great option for making a charitable gift?
Most people agree that life insurance is critical for those who have a young family, have a mortgage and other large financial commitments, or want the assurance that their loved ones will have some money to replace the lost income after a death.
At the same time, many people reach an age and situation in life when they feel they don’t really need that life insurance policy anymore. It isn’t worth taking the cash value, but what other options are available?
Let me share a couple of ideas with you that might work for your situation.
Name KML or the KML Foundation as a beneficiary of your policy – whole or partial
Donate an existing or new policy to your church, KML or charity – you make the annual premium payments, which are tax-deductible contributions, and the charity receives the full value of the policy when you go to heaven
Use life insurance as a guaranteed income for loved ones in your estate plan, and name KML or the KML Foundation as a beneficiary of other, less guaranteed, assets in your estate plan.
Life insurance is a great asset to own. It might not be your best asset for a charitable gift, but the various possibilities make it an interesting option for many people.
Once again, there are many options to consider when thinking about an estate gift. Sometimes those options make things a little confusing. My job is to help you find a solution that is right for you, because it is your life – your plan – your legacy!
Contact me to discuss various ways you can consider an estate gift through a life insurance policy or any other deferred-gift option that is right for you. I look forward to hearing from you.