A gift of life insurance naming The Leukemia & Lymphoma Society (LLS) as a charitable beneficiary can be a convenient way to show your support for people living with blood cancers.
You can use life insurance for charitable giving in several ways:
- Designate LLS as a revocable beneficiary of your existing life insurance policy or insurance annuity. Although there's no immediate tax benefit, it's easy. You retain the assets as long as you live, and there are usually no legal fees involved.
- Designate LLS as a charitable beneficiary in tax-deferred insurance annuity. A tax-deferred annuity can impose a significant tax burden on an individual beneficiary. A charity, however, is tax-exempt and will receive a greater benefit from your gift.
- Donate a paid-up whole-life policy, especially if you have more insurance than you currently need. By naming LLS as owner and beneficiary, you can receive an income tax deduction equal to the policy's cash surrender value or cost basis, whichever is less. The gift will be the policy's cash surrender value on the transfer date.
- Donate a non-paid-up whole-life policy. When you name LLS as owner and beneficiary, we can elect to continue paying premiums. This entitles you to an initial deduction for the policy's cash surrender value plus future deductions for additional gifts you make to LLS for premium payments.
LLS can be named a partial or sole beneficiary of a life insurance policy. It is easy to name LLS as a beneficiary of your life insurance policy. Contact your insurance administrator and request a beneficiary designation form. These forms can often be found online at your insurance company's website or call the toll-free number on your statement to request a beneficiary designation be mailed to you.
The Legacy Circle
Become an honored member of The Legacy Circle when you make a gift of life insurance to LLS.
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Our Planned Giving office exists to serve you and your advisors as you consider your support for LLS. We would be pleased to meet with you, speak by telephone or exchange email messages - it's up to you! Contact our National Director of Planned Giving, at 1-888-773-9958 or email@example.com.