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FACT vs FICTION

Financial Fact vs. Fiction

We understand that it can be tricky navigating through the world of financial services. Everyone seems to have an opinion, and it can become difficult knowing what to believe. We've created this series, "Financial Fact vs. Fiction," as a way to present and debunk some of the most popular financial myths.

Fiction: I can't use my life insurance policy to give to charity.

Fact: You can fund charitable giving with a life insurance policy. There are several tax and philanthropic advantages to doing so. For example, giving life insurance to a charity may allow you to make a larger gift than you otherwise could afford.

Typically, a donor makes a charity the owner and beneficiary of some type of permanent life insurance policy, but there are many ways of structuring a charitable gift involving life insurance. The option you choose will depend on your needs and the needs of the charity. You should consult a financial professional about how to structure your gift.

Last Updated: 03/03/2010

These materials have been provided for general informational purposes only and do not constitute either tax or legal advice. For additional information, please consult your tax professional.

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