Gifts of Life Insurance
Why Give Life Insurance?
Life insurance can be an effective charitable planning tool for donors looking to support long-term philanthropy while preserving other assets for family or heirs. Depending on the structure of the gift, life insurance may also provide potential tax advantages.
Potential Benefits of Donating Life Insurance:
- Bypass income tax on donated policy
- Receive an income tax deduction for appraised value of the donated policy
- Receive an income tax deduction for ongoing premium payments
- Receive an estate tax deduction for charitable gift of beneficiary proceeds of life insurance
- NEEDS TABLE
Ways to Give Life Insurance:
- Name Community Foundation Tampa Bay as a beneficiary of an existing policy
- Transfer ownership of a paid-up or existing policy
- Establish a new policy owned by Community Foundation Tampa Bay
- Use life insurance to support a charitable fund or long-term giving strategy
Types of Life Insurance You Can Donate:
How it Works
- Start the Conversation
Talk with our team about how to donate a life insurance policy to charity.
- Choose Your Giving Approach
You may name Community Foundation Tampa Bay as a full or partial beneficiary of a policy, transfer ownership of an existing policy, or establish a new policy to support future charitable giving.
- Create Your Charitable Legacy
When the policy benefit is ultimately received, proceeds can support the causes and organizations most meaningful to you through a charitable fund or other giving arrangement at Community Foundation Tampa Bay.
How Bill Used Life Insurance to Create His Charitable Legacy
Bill Zewadski has been a lifelong supporter of the arts and served on the board of Community Foundation Tampa Bay from 2008 to 2016. During his tenure, he played a key role in expanding the foundation’s legacy giving program. When Bill decided to make his own legacy gift, he chose to donate a life insurance policy he no longer needed. Because the policy was fully paid up, no additional premium payments were required. He named the foundation as both the owner and beneficiary of the policy, which allowed him to receive an income tax charitable deduction based on its appraised value. When the policy proceeds are ultimately received by the Foundation, they will be placed into a fund he established to support the Tampa Museum of Art.
Ready to Make an Impact?
Ask Max
Our AI charitable planning assistant can help you compare gift options, understand potential benefits, and answer common questions as you consider the best way to support the causes you care about.
- Secure, expert-informed guidance to support your charitable planning
- Quick answers to common charitable giving and estate planning questions
- Interactive gift comparison tools to help you evaluate your options
Chat with Max™ now or connect with a member of our team below to start the conversation and learn more.
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