Life Insurance

There are two ways that you can make a gift of life insurance to Robyne’s Nest: 

  1. You may name Robyne’s Nest as a full, partial, or contingent beneficiary of any policy. Don’t forget that employer-sponsored life insurance is offered at no cost to you.

  2. You may donate a life insurance policy that is no longer needed. Robyne’s Nest would have the option of either holding or surrendering the policy to receive the current cash value. You may donate a policy that is paid up or one with ongoing premium payments.

    If you have a life insurance policy that you no longer need because of a change in your life circumstances, you can give a paid-up policy to Robyne’s Nest. You can also donate a policy you are still paying premiums toward, though you may be required to donate the annual amount necessary to maintain the policy in force; this is on a case-by-case basis and determined after review.

What types of insurance can be donated to charity?

Both term and permanent life insurance policies can be donated to Robyne’s Nest. However, a permanent policy is more conducive to donating. Both policies that are fully paid and those with ongoing premiums can be accepted, although those with premiums will need further review.

  • A term life insurance policy has an end date, meaning if you outlive your policy, the money won’t be donated. 

  • A permanent life insurance policy will guarantee your money goes to your chosen charity, as it lasts your whole life.

 Benefits of donating life insurance

One of the main benefits of donating a life insurance policy to charity is that it can increase the amount you can give. For example, if you pay $100,000 in premiums on a life insurance policy, the death benefit could be double that or more. 

Donating life insurance can also be a more affordable way of contributing to charity. Rather than giving a large amount all at once, you can pay the smaller monthly premiums and still make a substantial donation to a charity, like Robyne’s Nest.

Additionally, your charitable gift of a life insurance policy may:

  • Reduce your taxable estate and lower estate taxes

  • Provide tax deductions for both the current value of the policy and for any future premium payments