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Gifts Through Life Insurance Plans
You can use your life insurance plan to fulfill your charitable goals and the needs of dogs and cats at North Shore Animal League America. By making a gift through life insurance to the Animal League, you may be able to make a larger gift than you thought possible, while retaining other assets for your needs or those of your family. There are three ways to use your insurance plan to benefit the Animal League.
Name the Animal League as the Beneficiary of Your Policy
Create a legacy for North Shore Animal League America by naming the Animal League as a beneficiary or contingent beneficiary of your policy. Simply complete a Change of Beneficiary Form with your insurance company. To include North Shore Animal League America as a beneficiary of a life insurance plan, use the following information when filling out the beneficiary designation form:
North Shore Animal League America
16 Lewyt Street, Port Washington NY, 11050
Tax ID# 11-1666 852
Donate Your Policy to the Animal League
If you no longer need life insurance that was purchased years ago to provide for children or other family members, please consider donating the policy to North Shore Animal League America. By naming the Animal League as the owner and beneficiary of a life insurance plan, you will receive the following benefits:
- The pleasure of knowing that you have made a substantial gift to help the dogs, cats, kittens, and puppies at the Animal League
- An income-tax charitable deduction in the year of the gift (ordinarily the policy replacement cost, if the policy is paid up, or the cash surrender value if the policy is not paid up).
Use Your Policy Proceeds to Fund a Life Income Gift
A third way to use your life insurance policy to make a gift to the Animal League is to withdraw the cash value of your existing policy and use the proceeds to fund a gift annuity or other life income gift. Such a gift can provide you and/or other beneficiaries with income for life and an immediate income-tax deduction. Laws regulating gifts of insurance to charitable organizations vary from state to state and can affect the deductibility of such gifts for federal income-tax purposes. Please consult your legal or financial advisors regarding gifts of life insurance.
For more information about Gifts Through Life Insurance Plans, please contact the Office of Planned Giving at 516-812-7218 or email: email@example.com.
Nothing in the Planned Giving section of this site should be construed as legal advice. Please contact your attorney or financial adviser to help you decide what is best for your personal situation.