Life insurance can be an excellent tool for charitable giving. Making a gift with a life insurance policy can happen in two ways - with an existing policy or through a new one.
For an existing policy, you merely designate “Lincoln Community Foundation, Inc. of Lincoln, Nebraska” as beneficiary or contingent beneficiary. We will document your instructions for the use of proceeds in a fund agreement. It may also be possible to make a gift of an existing policy by transferring ownership of the existing policy to Lincoln Community Foundation (LCF). Contact us if you would like to learn more.
It also may be possible for LCF to acquire a new policy at your request. This may be an excellent strategy because it allows you to take current income tax deductions for gifts to LCF to cover premium costs. LCF is the applicant, owner and beneficiary of the policy, and you must meet the insurance company’s requirements. We will create a fund agreement with you to document your instructions for the charitable use of the proceeds.