Gifts of Insurance

Do you have a life insurance policy that you purchased years ago to provide financial protection, but is no longer needed? If so, it may be an ideal asset to give to Marmion. Consider these benefits when you irrevocably name Marmion as both owner and beneficiary of the policy:

Receive an income tax deduction: You can claim a charitable deduction for the cost basis of the policy and an amount approximately equal to the policy's cash surrender value.

Reduce estate taxes: Most life insurance policies, while excluded from income taxes, are included in the estate of the deceased. Transferring the policy during life will remove this hidden asset and reduce the size of your estate and any applicable taxes.

Maintain current income: Many people desire to give more to charity, but they are concerned about their own cash flow and unforeseen emergencies. A gift of an obsolete and/or unneeded policy doesn't affect your current income stream. In fact, you can use the policy to fund a charitable gift annuity with Marmion and create additional guaranteed lifetime income!

Making a gift of life insurance is easy. Contact your insurance professional or the company directly to obtain a transfer form.

A donor may also elect to purchase a new insurance policy naming Marmion as owner and beneficiary. In this case, all the premiums paid would be considered tax deductible gifts. Marmion is currently the owner/beneficiary of 12 insurance policies.