Children’s Cancer Center can be designated as the irrevocable beneficiary and owner of an insurance policy.
Gifts of life insurance are welcomed in supporting our mission of helping children and families battling pediatric cancer cope.
If you have a life insurance policy that you no longer need because of a change in life circumstances, you can donate a paid-up policy to the Children’s Cancer Center. You can also donate a policy you are still paying premium towards, though you may be required to donate the annual amount necessary to maintain the policy in-force. This is on a case-by-case basis and determined after review.
What types of insurance can be donated to the Children's Cancer Center?
- A term life insurance policy
- A permanent term life insurance policy
- A term life insurance policy has an end date meaning if you outlive your policy, the money can not be donated. Whereas a permanent term life insurance policy will guarantee your money goes to the Children’s Cancer Center, as it lasts your whole life.
Benefits of Donating Life Insurance
- It can increase the amount you’re able to give. For example, if you pay $100,000 in premiums on a life insurance policy, the death benefit could be double that or more.
- This is a more affordable option in donating to charity. Rather than giving one major gift, you can pay smaller monthly premiums and still make a lasting impact.
- Donating life insurance can also reduce your taxable estate, lower estate taxes and provide tax deductions for both the current value of the policy and any future
How to donate your life insurance to the Children's Cancer Center?
- Change the owner of the policy
- You can transfer ownership of a paid-up policy or a policy on which you are still paying premiums.
When you transfer ownership, the charity gains full control of the policy and can name itself the beneficiary, allowing the charity to receive a tax-free payout after your passing. - Name the Children’s Cancer Center as a beneficiary
- You can name more than one beneficiary and divide the policy amount. Some donors may name multiple individuals along with the Children’s Cancer Center as beneficiaries of their life insurance policy.If you choose this option, you will still have full control of the policy during your lifetime.
- Add a charitable giving rider – this is an add-on to a term life insurance policy that stipulates an additional benefit will go to the Children’s Cancer Center when a claim is filed. This ensures we will receive a payout without the need to add them as a beneficiary or transfer ownership of the policy. This option is not available with every life insurance policy. Speak to your insurer to see if this feature is available for your policy.
To learn more about donating with life insurance to the Children’s Cancer Center today, contact Director of Development, Gracie Goltermann at ggoltermann@childrenscancercenter.org or at (813)-367-5437 ext. 8.
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The Children’s Cancer Center does not provide tax, legal or accounting advice. This material is prepared and made available to you for informational purposes only and is not intended to provide or be relied upon for tax, legal or accounting advice. You should always consult a tax professional to determine your particular tax benefits that may result from any particular type of gift to charity.