You know, many years back, I used to REEL at the idea of paying for any type of insurance (disability, homeowner's, renters, long-term care, life, property & casualty, and so on). But, insurance, at the end of the day, is something people buy when they want to transfer the risk they cannot afford---or don't want---to take on. Makes sense! It's actually a wonderful product. As it relates to charitable giving, donors (or potential donors) may be interested in how their life insurance policies, or their ability to be insured, can benefit their favorite organizations. Donors may have life insurance policies that are no longer needed but should consider keeping them in-force and naming a charitable organization as the beneficiary. A charitable endowment could also be of interest: the donor gets the benefits of deductible contributions to the organization (which could own the policy and be the beneficiary): the organization gets the benefit of a large capital infusion at the donor's passing. We all know that nonprofits are trying to build those endowments! Of course, as with any advanced planning, context is key and coordination can lead to a more impactful legacy. Steven can help with that: |