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3 Ways to Help a Charity With a Gift of Life Insurance

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Regardless of your reasons for giving, a gift of life insurance can represent a substantial future gift to a favorite charity at relatively little cost to you. There are several ways you can accomplish that:

1. Make a charity the beneficiary of an existing policy: If you have a life insurance policy you no longer need to support your partner or family, you can name a charity as the beneficiary of the policy, meaning that the charity will receive the policy’s death benefit when you die. While there are no current tax benefits to this approach, the value of the policy will be removed from your estate for federal estate tax purposes.

Denied Life Insurance? Here Are Your Next 3 Steps

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It’s tough to learn that the life insurance company you applied to will not be offering you coverage, especially if you were fully expecting a yes! You may fall into the “impaired risk market,” which means you have something in your background that makes you a higher risk for dying prematurely—think things like diabetes, obesity, a previous cancer diagnosis or even a history of DUIs.

While many applicants with this type of history understand they’re up against a hurdle or two, it’s not any easier to be denied life insurance coverage. But, often times, it doesn’t mean the hunt for an approval is over. There may still be options, which include applying to a more suitable company or applying for a different policy type.

Here are three actionable steps you should take if you’ve been denied life insurance.

Who Can I Name as a Beneficiary on My Life Insurance Policy?

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Every life insurance policy requires you to name a beneficiary. A life insurance beneficiary is typically the person or people who gets the payout on your life insurance policy after you die; it may also be a trust, charity or your estate You can name more than one beneficiary as well as the percentage of the payout you want to go to each one—for instance, you could designate 50% to a spouse and 50% to an adult child.

Taking Americans’ Financial Pulse with the 2019 Insurance Barometer Study

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Each year, Life Happens and LIMRA join forces to take consumers’ “financial pulse.” The 2019 Insurance Barometer Study continues to track Americans’ financial concerns as well as what types of insurance coverage they have or feel they need. We also explore some “hot topics” like gaining life insurance coverage through the easier, quicker simplified underwriting process, and how social media is changing the way people find financial professionals to work with.

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