Gifts of Life Insurance
If you own a life insurance policy that you no longer need, consider making ALSC the owner of the policy or the beneficiary of the proceeds. You can name ALSC as the beneficiary of the policy proceeds and still retain the right to change the beneficiary at a later date.
All proceeds passing to ALSC will receive a charitable tax deduction. To receive a current charitable income tax deduction, you must name ALSC as the owner and beneficiary of the policy.
In this case, you will qualify for a current income tax deduction approximately equal to the cash surrender value of the policy at the time of the gift, and, if you continue to pay the annual premiums, those payments are also deductible each year.
