Gifts of Life Insurance

When you first purchased your life insurance policy, you obviously had a need for it. Perhaps you don’t need all that coverage today, but still own the policy.

If you are thinking about making a charitable gift that will have an impact on the progress of Jackson Recovery Centers, a gift of life insurance could be a sensible, as well as a generous course of action. Your gift will support the ongoing treatment needs of our patients who cannot afford the life-saving services provided at Jackson Recovery. 

Arranging the Gift

There is a simple and tax-advantaged way to arrange for the gift. The simplest way is to name Jackson Recovery as beneficiary on your policy, or the contingent beneficiary and secure your family’s needs first. When the gift is made to Jackson Recovery Centers, you will receive an estate tax deduction in the amount of the proceeds.

The second method offers you a tax advantage if you own the policy (it’s not part of your company’s benefits package). You can name Jackson as the owner and beneficiary of the policy. You will receive an income tax deduction for the fair market value (or cost basis) of the policy on the date of the gift. If the policy is not paid off, you make the annual gift to Jackson Recovery Centers in the amount of the premium payments, which would be accompanied by a letter indicating that the donation would be used to pay the premium. This provides you with an annual charitable tax deduction, which rises as the dividends increase. 

You can also use life insurance to replace the value of a different gift. Say you have highly appreciated stocks or real estate. You can donate any portion of the asset to Jackson Recovery avoid capital gains tax and get a charitable income tax deduction. Then, you purchase life insurance to benefit your heirs in the amount they would have received from the other asset, without the estate tax liability.

For more information please contact:

Carey Snow
Vice President of Resource Development
Executive Director of the Jackson Foundation



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