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Life Insurance

Ways to Create a Lasting Legacy Through Gift Planning – Gifts of Life Insurance

Life Insurance is usually purchased for the protection of one's family to minimize financial loss caused by the death of a family member.  Many of our donors are discovering that a gift of life insurance to AHAF, or one of its programs, can be a very meaningful gift.

Gifts of Existing Policies

To make a gift of an existing policy, contact your insurance agent to obtain the necessary form to make AHAF the irrevocable owner and beneficiary of the policy. If the policy is paid up and AHAF, or one of its programs, is made the irrevocable owner and beneficiary, the donor is then entitled to a charitable deduction for income tax purposes for the "replacement value." The replacement value is what it would cost to purchase an identical policy, given the donor's age and medical condition. If the policy given to AHAF is not paid up, any premiums that are thereafter paid by the donor will be deductible. Future premiums are billed to AHAF and the donor makes an unrestricted gift to us to cover the cost of the premiums. If the donor does not wish to continue to make future premium payments, AHAF will likely surrender the policy for its "Cash Surrender Value".

Gifts of New Policies

Premium payments on new policies are deductible when AHAF is named as the irrevocable owner and beneficiary of the policy. Premiums are billed to AHAF and the donor of the policy makes an unrestricted gift to us equal to the premium due. AHAF will use the gift to pay the premiums. AHAF will let all policies lapse if gifts are not received on a timely basis to cover the premiums due.

IN ALL CASES, YOU SHOULD SEEK THE ASSISTANCE OF YOUR INSURANCE AGENT TO MAKE CHANGES OF OWNERSHIP AND BENEFICIARIES, DETERMINE REPLACEMENT VALUE OR SURRENDER VALUE AND MAKE SURE THAT ADEQUATE COVERAGE REMAINS AFTER MAKING A GIFT

For more information or to contact us with your intentions for gift planning, please contact Barbara Spitzer at 1-800-437-2423 ext. 138.

The information on this Web site is not intended as legal or tax advice, but as accurate and authoritative general information on planned giving. For legal advice, please consult an attorney.

Last Reviewed On: 11/21/08