It’s Thanksgiving Time - Pay Forward with Life Insurance?
What does the season of thanksgiving and life insurance have in common? I am sure you are wondering where I am going with this blog. I think most of us think of buying life insurance to protect our loved ones in the event something happens to us. We want to make sure they can carry on without unnecessary financial burdens or constraints. As we enter the holiday season, we often pause to reflect on the things we are grateful for. That made me think you can actually use life insurance to “pay forward” as a means of saying thanks for what we have, our personal blessings, our families, our friends, etc.
I am not sure how many of you know that you can actually use life insurance to make a contribution to your favorite charity.The beauty of this is you don’t need a lot of money to still make a big difference for the charity of your choice. The death benefit payout could be your lasting legacy and it can come at a fraction of the cost. There are lots of different ways to structure a life insurance policy. As an illustration point here are a few examples of how a life insurance policy can be structured to benefit a charity:
· Name the charity as the beneficiary
· Set up a charitable remainder trust
· Have the charity insure you
There are other ways to structure the life insurance policy as each has unique advantages and you’ll want to explore them all. In certain situations, depending on how you structure the insurance policy, you may be able to benefit from a tax deduction or even eliminate estate taxes altogether. Now that’s a real win!
If you are interested in doing something like this, I encourage you to talk to one of our PivotCare team professionals. They can walk you through all of the options and details. We want to make sure your ‘pay forward” gift meets your desired outcome.
Enjoy your holiday season!!
About the author: Michele Cleary has been in the business for over 35 years and holds a CLTC designation. She believes that life insurance can give you and your family peace of mind, especially when you have other things to worry about. Michele now has 4 grown children and knows that proper planning is essential. You can reach her at 1-800-651-1953 or MCleary@Pivot.com.