Your life insurance may have a new purpose to serve.
You may have purchased a life insurance policy years ago when you wanted to protect your family from financial hardship in case of your untimely passing. Now that your children are grown and independent, your mortgage is paid off, and you have accumulated sufficient assets in your estate to pass on to your family, you may no longer need your life insurance policy for its financial protection.
If this is your situation, consider making a gift of your life insurance policy to Navy-Marine Corps Relief Society. The value of your policy can provide generous support to our mission without affecting your cash flow.
A gift of life insurance could be right for you if:
- Your life insurance policy is paid up or has substantial cash value.
- You have no loan outstanding against the policy.
- Your family is well-provided for by other means.
- You would like to make a generous gift to NMCRS.
How it works
Option 1: You give your policy to NMCRS.
As the policy owner, NMCRS will either cash in your policy and use the proceeds, or maintain the policy until it ends and then receive its face amount. Your benefits will include:
- An immediate income tax charitable deduction for the value of your policy.
- No change in your cash flow.
- The satisfaction of making a generous gift to NMCRS.
Option 2: You designate Navy-Marine Corps Relief Society as a beneficiary of your policy.
When your policy ends, NMCRS will receive some or all of your policy's death benefit, as you have designated. Your benefits will include:
- The death benefit of your policy will not be included in your estate, which may save estate tax if your estate exceeds the applicable exemption amount.
- No change in your cash flow.
- The satisfaction of making a generous gift to NMCRS.
Learn More about Donating Life insurance
*Navy-Marine Corps Relief Society partners with FreeWill to make it easier than ever to plan your beneficiary designations!