Life Insurance – Convenience and Flexibility in Giving
Life insurance is another convenient way to make a future gift to Scouting with a minimum investment. Some donors make a gift of new, paid-up policies or existing ones that are no longer needed. A gift of existing life insurance that you own may be completed by assigning ownership and delivering the policy to Scouting. You would receive an immediate income tax charitable deduction for the current value of such a policy.
Scouting must be the owner of any policy if you wish to receive an income tax charitable deduction. If you give a policy that is not fully paid-up, you receive a charitable deduction for your annual premium payments.
Although there are no lifetime tax benefits in doing so, you also may designate Scouting as beneficiary of insurance you own or receive from your employer. Most designations can be completed simply and conveniently with the help of your agent or employee benefits coordinator. If you have excess group term insurance, you may want to name your council as a beneficiary of the unneeded amounts. You can also designate the BSA as a contingent beneficiary of an existing policy.
For more information about gifts of insurance, please contact Steven Benini at the Greater New York Councils, Boy Scouts of America at (212) 651-2815 or via e-mail at email@example.com