Gifts of life insurance and retirement plan assets
Although many people have excess life insurance, they do nothing about such obsolete insurance coverage. Ask yourself the following questions to determine whether a gift of life insurance could play a role in your charitable giving plans.
- Do you have a policy on your life that was intended to protect a spouse that no longer needs it or a child who is now financially independent?
- Do you have a policy purchased to complete payment of a mortgage that has since been paid in full?
- Do you have a policy you bought to help provide retirement income? Have you since accumulated adequate amounts in your other retirement plans?
Check your life insurance policies. Compare your coverage with your present needs. Then consider how your life insurance may be used to help you meet your other goals.
Other retirement plan assets that can benefit the Foundation include mutual funds and retirement accounts. Simply contact the particular asset plan administration and request that the Foundation be named or added as a beneficiary.
