Millions of Americans make donations of cash and property to the charities of their choice each year. However, many donors are left wishing that they could do more for the charities that they love and support.
Life insurance can be an effective and convenient gift to give. There are various methods for making life insurance donations; each method has unique advantages, but the simple act of naming a charity as a beneficiary is one of the simpliest ways to leave a legacy.
Donors who are not completely sure how they want to distribute their assets after death can list a charity as a revocable beneficiary. This gives them flexibility in case their financial situation changes. If you choose to stop paying the premium the charitable organization has the option to continue paying on the policy or let it lapse.
Naming a charity also ensures the privacy of the transaction, which can be important for donors who wish to keep their gifting intentions secret from their families or other heirs. Transfer of assets from an insurance contract cannot be contested, making it impossible for anyone to stop the donation from occurring.
Naming a charity can be one way to leave a more substantial gift to an organization than you may otherwise be able to do.
Contact us today at Farmers Union Insurance – the Harmoning Agency in Franklin, Minnesota.