With a charitable donation of a life insurance policy, you can help save the lives of children diagnosed with cancer and other life-threatening diseases.
If you have a life insurance policy that you no longer need because of a change in your life circumstances, you can give a paid-up policy to St. Jude . You can also donate a policy you are still paying premiums toward, though you may be requied to donate the annual amount necessary to maintain the policy in-foce; this is on a case-by-case basis and determined after review.
Both term and permanent life insurance policies can be donated to St. Jude . However, a permanent policy is more conducive to donating. Both policies that are fully paid and those with ongoing premiums can be accepted, although those with premiums will need further review.
One of the main benefits of donating a life insurance policy to charity is that it can increase the amount you’re able to give. For example, if you pay $100,000 in premiums on a life insurance policy, the death benefit could be double that or more.
Donating life insurance can also be a more affordable way of contributing to charity. Rather than giving a large amount all at once, you can pay the smaller monthly premiums and still make a substantial donation to a charity, like St. Jude .
Additionally, your charitable gift of a life insurance policy may:
ALSAC/ St. Jude Children’s Research Hospital does not provide tax, legal or accounting advice. This material is prepared and made available to you for informational purposes only and is not intended to provide or be relied upon for tax, legal or accounting advice. You should always consult a tax professional to determine your particular tax benefits that may result from any particular type of gift to charity.