You can donate a paid-up policy, or even a policy on which you are still paying premiums, to a charity like Early Childhood Alliance.
Can a life insurance beneficiary be a charity?
You can name a charity such as Early Childhood Alliance as a beneficiary to your life insurance policy. You can also name more than one beneficiary and divide the amount among multiple individuals or charities.
Can I donate my life insurance policy to charity?
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 Early Childhood Alliance, or even a policy on which you are still paying premiums.
How do I donate a life insurance policy?
There are two simple ways to set up a gift of life insurance:
- You can irrevocably designate Early Childhood Alliance as the owner and beneficiary of your life insurance policy. By doing so, you may be entitled to a generous charitable income tax deduction.
- You can name Early Childhood Alliance as an irrevocable beneficiary but retain ownership of the policy itself. Call or write to your insurance company to request a form to make this change of beneficiary.