Gifts from life insurance

Life Insurance: Changing beneficiary designations or ownership of a life insurance policy is easy and costs nothing.  Often a donor can simply download a form from the insurance company’s website, fill in the name of the charity as a beneficiary, and send it back.

A donor can easily make TMI a beneficiary of a life insurance policy (or one of the beneficiaries) or make TMI the owner of a paid-up whole life policy (and receive a tax deduction for this gift).

Example: Ginny owns a paid up insurance policy she bought when she was 25, with a death benefit of $50,000 and a current cash value of $45,000.  She long since finished making premium payments on the policy, and no longer needs it.  She can give the policy to TMI and receive a tax deduction for roughly the $45,000 cash value.

Example: Pete has a life insurance policy with a $100,000 death benefit.  His children are the primary beneficiaries, and he wants them to benefit from the policy, but he also wants to leave a legacy. Thus, he designates TMI as a 10% beneficiary of the policy, guaranteeing a $10,000 gift at his death.

For more information on ways to give to TMI or to find out how you can submit your gift to TMI, please contact our Advancement Department, at advancement@tmi-sa.org.