Gifts of Insurance
A gift of a life insurance policy is an excellent way to make a gift to Outer Banks Community Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to charity. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction, when the gift is made, for the replacement value of your policy
- If name us as a beneficiary, once the policy matures, the proceeds of your policy will allow us to do more good work locally
- You can also designate Outer Banks Community Foundation 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. If Outer Banks Community Foundation retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If Outer Banks Community Foundation cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
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 from the insurer, and include Outer Banks Community Foundation as the beneficiary of your policy.
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
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.