Life insurance policies can serve a powerful and straightforward purpose in supporting CRCNA when their original intent no longer aligns with your current circumstances, whether your children have grown or your spouse's financial security is secure. Here are three ways to make a meaningful gift of life insurance to CRCNA:
- Beneficiary Designation: Update your beneficiary designation form with the policy holder, naming CRCNA as either the primary beneficiary for a percentage or a specific amount. You can also designate us as the contingent beneficiary, ensuring we receive the policy balance if the primary beneficiary does not outlive you.
- Outright Gift of an Existing Policy: Transfer ownership and beneficiary rights of an existing policy to CRCNA. This generosity qualifies you for a federal income tax charitable deduction when itemizing your taxes. Should you continue to pay premiums, each payment is tax deductible as a charitable gift when itemizing.
- Outright Gift of a New Policy: You can acquire a new policy and make CRCNA both the owner and beneficiary of the insurance contract. This approach is particularly appealing to younger donors. Whether you choose a single premium payment or annual premiums, each contribution is tax deductible as a charitable gift when itemizing your taxes.
Your support through life insurance can play a pivotal role in advancing CRCNA's mission, and we are grateful for your commitment to making a difference.
