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Giving Home > What to Give > Gifts of Life Insurance

Gifts of Life Insurance

A gift of your life insurance policy is an excellent way to make a gift to Long Island Cares, Inc..

If you own a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Long Island Cares, Inc.. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.

Benefits of gifts of life insurance

  • You receive a charitable income tax deduction.
  • If Long Island Cares, Inc. retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premium.
  • If Long Island Cares, Inc. cashes in the policy, you will be able to see firsthand how your gift supports our charitable work.
  • 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 our organization so that we can use the proceeds to further our charitable work.

Gifts of life insurance video

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 Long Island Cares, Inc. as the beneficiary of your policy.

Other considerations

You can also designate Long Island Cares, Inc. as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.

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.

Contact us

If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have. Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.