Gifts of Life Insurance
Life insurance can be used in several ways to make a lasting gift to SAB.
1. You can simply designate SAB the beneficiary (or contingent beneficiary) of an existing life insurance policy – and continue to own the policy as before.
- You part with nothing during your lifetime
- You continue to own the policy and retain the right to change beneficiaries
- If insurance proceeds are paid to SAB after your lifetime, your estate may be entitled to tax benefits because of the gift.
2. Alternatively, you can transfer ownership of a paid-up life insurance policy to SAB, making SAB the owner and irrevocable beneficiary of the policy. We will either cash the policy immediately, or maintain it.
- You make a gift using an asset that you and your family no longer need
- You receive an immediate income tax deduction for the (approximate) cash surrender value of the policy
- You have the satisfaction of making a significant gift to SAB without affecting your cash flow
If you make a Life Insurance gift to SAB, you'll be eligible to join the Founders Society - a group of loyal friends who have made similar plans by naming SAB in their estate plans. To learn more, click here.
For more information please contact Kristen Barrett, Director of Development, at 212-769-6615 or email@example.com. All inquires are confidential.