You can name the Conservancy as primary beneficiary of your life insurance policy or as contingent beneficiary should your other beneficiaries not survive you. You can also donate your paid-up life insurance policy.
How It Works
- Provide now for a future gift by naming The Nature Conservancy as beneficiary of a policy insuring your life.
- At death the benefits pass to the Conservancy free of federal estate tax and are applied to the program designated by the donor.
- Execute this estate planning strategy with little paperwork. Change your mind and beneficiaries at any time.
- Claim an income tax deduction.
- Remove an asset from your potential gross taxable estate, saving on taxes in the future.
- Make a significant gift from income instead of capital.
- Build your future conservation goals.
- Gain personal satisfaction in providing for the people and causes that matter to you most.
A Life Insurance Gift Might Be For You If:
- You are a younger donor who wants to make a significant gift.
- You have an estate that won't have substantial assets to distribute to non-family members.
- DO: It is important to name The Nature Conservancy as the irrevocable owner of the policy and not just its beneficiary. If you retain ownership of the policy, the IRS will not allow you to deduct your premium payments, even though you are making them on our behalf.
- DON'T: If you have borrowed against a life insurance policy, a gift of the policy with the loan still outstanding will create taxable income for you in the amount of the loan balance.
Life Insurance Gift Example 1: You bought a life insurance policy to protect your family. Your family no longer needs this protection and you decide to name the Conservancy as the beneficiary of the policy. After your lifetime, the policy benefits will go to the Conservancy to help protect critical lands and waters.
Life Insurance Gift Example 2: You bought a life insurance policy that you later donated to the Conservancy. As a result, you can claim an income tax charitable deduction. The total amount of the policy is removed from your estate, and we will use the gift to further our mission of protecting the lands and waters on which all life depends.
You can protect coasts and other natural places by making a planned gift with The Nature Conservancy. Contact us today.