Life Settlements - A Top Choice Among Church Fundraising Ideas
Any Church Fundraising Ideas should include a life settlement as a top consideration. This financial instrument presents a tremendous church fundraising opportunity. Many charity organizations, and non profit organizations can benefit from donated life insurance policies.
What is a life settlement and how does it work?
Individual estate and tax planning strategies can sometimes get complex when incorporating a life settlement into a charitable giving plan. However, in simplest terms, a life insurance policy owner can donate an unwanted or unneeded policy to a favorite charity and that non profit organization can immediately convert the policy into cash through a completed life settlement transaction.
Criteria for Eligibility:
The insured must be at least age 70 unless a serious illness or condition is present
A life policy death benefit or face amount of at least $250,000
Policy has been in force for at least two years
How Policy Donor Benefits:
Donation to a favorite charity doesn't affect personal cash accounts or other income-producing assets
Receipt of a healthy tax deduction for the policy market value (sale proceeds)
Enjoyment from watching a donation being utilized while living.
Elimination of premium payments
Removal of a taxable asset from an estate if the policy is individually owned
How Non Profit Organizations Benefit:
Receipt of a donation from someone who normally may not have contributed
Receipt of immediate cash proceeds while a donor is living
Elimination of continued premium payments burden
Organization's financial forecasting is made easier
Fundraising Ideas Can Become a Reality
Many non profit organizations hold life insurance policies that have been previously donated and those assets can be converted into immediate cash.
Take the qualifying test.
"Life insurance settlements provide living benefits that can be utilized by individuals, corporations, trusts, and non-profit or charitable organizations, alike. Senior policy holders, financial advisers and their clients need to be acutely aware of the tremendous monetary value hidden within many life insurance policies."
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