PLANNED & MAJOR GIFTS
OUTRIGHT GIFT OF LIFE INSURANCE
Most popular ways to give this asset:
When the original purpose for a life insurance policy no longer applies, it can become a powerful and simple way to support our Meals on Wheels. There are three ways to give life insurance:
Name Meals on Wheels as a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder.
You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You may receive a federal income tax charitable deduction and reduce your future estate tax liability. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name Meals on Wheels as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift.
One of the simplest and easiest ways to help the Meals on Wheels Foundation of Western New York after your lifetime is through a beneficiary designation. Name Meals on Wheels as a beneficiary to receive assets like your retirement plans and life insurance policies. This option is flexible, as you are able to review and adjust beneficiary designations anytime you want.