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You can have a greater impact on the future. By donating a life insurance policy, you can make a substantial gift to the World Vision program of your choice. This type of gift can provide immediate tax benefits to you, as well as tax relief for your estate.
There are many ways to make life insurance part of your lasting legacy:
Existing policy
If a policy you already own has outlived its original purpose (if, for example, your children have grown), use it to help children, families and communities around the world by naming World Vision as a beneficiary for a percentage or for the full amount of the policy. Your heirs may ultimately benefit because your estate will receive a tax receipt (and substantial tax savings) for the value of the donation.
New policy
You can also purchase a new policy to benefit causes dear to your heart. Make World Vision the owner and beneficiary of the policy and your tax benefits can increase dramatically. You’ll receive a tax receipt for premiums you pay. And the amount of your gift will continue to grow as the cash surrender value of the donated policy increases.
Joint policy
Perhaps you wish to name World Vision as beneficiary of a joint policy covering you and your spouse. This provides you the benefit of one premium payment instead of two, in addition to a tax receipt for payments made. Proceeds will be paid to World Vision only after both parties have passed on.
Make World Vision the owner
Make World Vision the owner and beneficiary of a new or existing policy and the tax benefits can increase immediately and significantly. This option entitles you to a tax receipt annually for any premiums you subsequently pay.
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