Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to The Salvation Army Indiana Division. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to The Salvation Army Indiana Division.
For example, you may have purchased a policy to provide for minor children and they are now financially independent adults. Alternatively, you may want to purchase a new life insurance policy to make a sizable gift to The Salvation Army Indiana Division. Many individuals do this during a large capital campaign.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction by naming The Salvation Army Indiana Division owner of this policy.
- If The Salvation Army Indiana Division retains the policy to maturity, you can receive additional tax deductions by gifting annual premium payments.
- If The Salvation Army Indiana Division cashes in the policy, you will be able to see firsthand how your gift supports our charitable work.
- Whether we retain the policy to maturity or you name us as a beneficiary, at maturity, the proceeds of your policy will be paid to The Salvation Army so that we can use them to further serve people in need.
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form and include Salvation Army as a beneficiary of your policy. You could also change the owner of the policy to The Salvation Army. Contact us for designation wording or more information.
You can also designate The Salvation Army Indiana Division as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.