Life Insurance as Charitable Gifting
Overlooked by many, a life insurance policy is also well suited for charitable gifting. When we think of life insurance we usually think of income replacement if something were to happen to us, or as mortgage protection, as a collateral assignment for a loan, or as a way to pay for funeral and final expenses. How many of us have ever reflected on the use of life insurance to support our favorite organizations or institutions when we are gone?
There are so many of these great organizations and institutions that drastically need good people to step up and think out-of-the-box. A few premium dollars a month could turn into thousands or millions of dollars for others. An insured who purchases a life insurance policy with the proceeds payable to a beneficiary that is not his/her estate, and retains no interest in the policy (is not the owner), has partaken in the great charitable gifting of life insurance!
Ask yourself (and try to answer even if it takes a lifetime) three fundamental questions: Who am I, Why am I here, and Where am I going? Are we simply going to live mere lives as consumers, taking and failing to give back even a portion of all that we have been given, or will we be producers and give back much more than what we have been given? Are we spending time with people or are we investing time with people? When we leave this world what good will have we done for others? What legacy will we leave behind?
My wife and I have life insurance policies that our favorite organizations will be the recipient of. I might not have the money now to be as charitable as I would like, but I know this will make up for it in some way when I am gone. Consider whether the charitable gifting of life insurance is right for you. It could be one of the most noble contributions to society you have ever made.
About the author: Kyle McDonald holds FIC, FICF, FSCP® & CLTC designations. His viewpoint on life insurance is simple, “Anyone with a family must have life insurance. In the end, life insurance is for others you care about, not you.” He is ready to help you and your family get the best option available. Contact Kyle today at 1-800-651-1953 or KMcDonald@Pivot.com.