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Sometimes circumstances change, and life insurance is no longer a critical part of an estate plan. If you wish to redirect life insurance, it’s simple to do so. You can designate a charity as the beneficiary of your life insurance policy, which you will continue to own during your lifetime.
This may provide your estate with valuable tax savings.
Alternatively, you can assign ownership of the policy to the charity. In this case, although you will give up control over the policy, you may receive a current income tax charitable deduction.
After consulting with your advisors about what is best for you, ask your insurance agent how to make these types of simple changes to your policy.
To find out more, including our tax identification number and other resources regarding planned giving, please email our Planned Giving Coordinator using the form below, or call 1-800-841-7299. Donations to MASSPIRG Education Fund are tax-deductible in many circumstances. Please seek the guidance of your attorney or financial advisor when making changes to your estate plan.
Your tax-deductible donation supports MASSPIRG Education Fund’s work to educate consumers on the issues that matter, and to stand up to the powerful interests that are blocking progress.
You can also support MASSPIRG Education Fund’s work through bequests, contributions from life insurance or retirement plans, securities contributions and vehicle donations.