Gifts of Life Insurance

The simplest way to make a gift of life insurance is to name Whitworth as a beneficiary, or contingent beneficiary, of all or a portion of a policy already in effect. An alternative would be to purchase a new policy, naming The Whitworth Foundation as the owner and beneficiary, thus receiving an income-tax deduction for the amount of the premium payments.

If you are like most people, through the years you have bought various life insurance policies to meet a variety of needs. As we all know, these needs change along with our life circumstances. You may have purchased a policy to cover minor children, to pay off a mortgage, or to take care of some other now non-existent need. These fully-paid, no-longer-used policies make generous charitable gifts and can provide you with an income-tax deduction. The deduction is equal to the replacement value of the policy or to the total of premiums paid, whichever is less.