Planned Giving
Gifts of Insurance
If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your policy to FAO. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of Life Insurance Gifts
- Receive a charitable income tax deduction
- If FAO retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If FAO cashes in the policy, you will be able to see firsthand how your gift supports our charitable work, and if we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to us so we can use the proceeds to further our missionk
- Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.
How to Make a Gift of Life Insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include the Foundation for Appalachian Ohio [EIN: 31-1620483] as the beneficiary of your policy.
NEW: Give your unwanted or unneeded life insurance policy at no cost to you or to the charity. No gifts needed to pay premiums.
If you have an unwanted or unneeded life insurance policy you are planning to let lapse, you may have the option to give charitably with FAO being named the beneficiary. Contact us to learn more!
Contact us
Please contact us if you have any questions about making a gift of life insurance.
