You receive an income tax deduction for the cash value of the policy.
You may be able to structure this to receive tax deduction for annual premium payments.
You will have the ability to make a more significant gift than you thought possible.
Life insurance can be used to make a charitable gift to Commonweal, permitting you to make a substantial legacy gift for a relatively modest cash outlay.
There are two ways to use life insurance in your charitable planning. You can purchase a new life insurance policy and name Commonweal as the beneficiary. At the end of your life, the insurance policy benefits are paid to Commonweal. You can transfer an existing policy and name Commonweal as the policy’s beneficiary. Commonweal is assured a guaranteed sum, in cash, at the end of your life.