Gifts of Life Insurance

You can donate a life insurance policy to us or simply name us as the beneficiary. For the gift of a paid-up policy, you will receive an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid. To qualify for the federal charitable contribution deduction on a gift of an existing policy, you must name us as owner and beneficiary. 

When you first bought a life insurance policy, you probably hoped to ensure the financial stability of your family should something happen to you or your spouse. Have your circumstances changed since then?

Life insurance can be a tool with many purposes. For example, it can provide liquidity for paying taxes and other expenses at death. But, believe it or not, some of the most satisfying uses for life insurance policies are connected with charitable giving!

If you have a life insurance policy you no longer need, you might contribute it to a charitable cause in which you believe. Purchasing a new policy and naming United Way of Greenville County as beneficiary is another possibility. This often makes a significant future gift feasible and affordable, especially for younger donors.

Perhaps you are considering a sizable bequest to United Way, provided your family's future inheritance is not affected. Life insurance can play a part in meeting this goal, too, by replacing for your heirs the amount donated.

For information on making a gift of life insurance, contact Kathy Wright (kwright@unitedwaygc.org) at 864.467.3506.

The information on this site is not intended as legal tax or investment advice.          

For such advice, please consult an attorney.