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Life Insurance Policies

Using a life insurance policy to support home for life can be very cost-effective, especially for younger donors. Donors may apply for a new policy or make a gift of an existing policy that has a cash value.

A new life insurance policy can enable someone with many current family obligations to turn a relatively small contribution into a dramatically larger gift. For older donors, a paid-up life insurance policy that is no longer needed also makes an excellent gift.

Another option is to simply name home for life as the primary or contingent beneficiary of a new or existing policy, without transferring ownership of the policy. During your lifetime, you retain ownership and access to the policy's cash value but realize no tax benefits. After your passing, if the proceeds of the policy are paid to home for life, your estate is entitled to an estate tax charitable deduction.