A gift of your life insurance policy is an excellent way to make a gift to Mississippi Spay and Neuter. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to MS SPAN. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
You can also designate MS SPAN 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.
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.
BENEFITS OF GIFTS OF LIFE INSURANCE
- Receive a charitable income tax deduction
- If MS SPAN retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If MS SPAN cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to MS SPAN so that we can use the proceeds to further 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 Mississippi Spay and Neuter 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, or work to find them!
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would love to thank you and recognize you for your gift.