Post Date:March 20, 2017
If you own a life insurance policy you no longer need to protect your loved ones or business interests, you can name Paralyzed Veterans of America as the beneficiary of the policy.
A second option is transferring ownership of the policy to Paralyzed Veterans in your lifetime.
A third option is to purchase a new policy specifically for gifting. Life insurance rates have declined dramatically in recent years, and you may be surprised at the affordability of new insurance, even if you’re in your 60s or 70s. Benefits include:
- Ability to make a large gift with little costs to you
- Immediate tax deduction for the cash value of the policy if transferred in your lifetime
- Current or future insurance premiums may be tax deductible
Life insurance can be a very cost-effective means to support Paralyzed Veterans of America.
If you’d like to speak with a member of our staff, please contact us at (800) 424-8200, ext. 789. We’re also happy to work with your attorney or financial planner.