Designate and Donate — Life Insurance
Ask the insurance company for a TOD form. Some insurance companies also call these beneficiary designation forms.
How It Works
- Contact your insurance company to complete or update your beneficiary designations or POD (Pay on Death) form.
- Designate American Rivers (Tax ID #23-7305963) to receive all or a percentage of your life insurance policy proceeds.
- You may also transfer ownership of a paid-up life insurance policy to American Rivers. We elect to cash in the policy now or hold it.
- Make a gift using an asset that you and your family no longer need.
- Receive an income tax deduction for the donation of a paid-up life insurance policy and estate tax savings after your passing.
More Details on Gifts of Life Insurance
Life Insurance: Make the Most of It
Life Insurance is a general term that describes many types of contracts between an insurer and an individual. All life insurance policies share three key elements, an owner, an insured, and a beneficiary.
- The Owner — The person who purchases and controls the policy,
- The Insured — The person who is covered by the life insurance policy. That person may also own the policy, and
- The Beneficiary — The person who will receive the value of the policy upon the passing of the insured. An individual, estate, trust or charity may be the beneficiary.
Generally speaking, most people decide to buy life insurance when they have people who are dependent upon them — children, partners or family members. They want to provide for their loved ones after they pass away, and do this by designating a beneficiary. Life Insurance can also be an important estate-planning tool and used to mitigate inheritance and estate taxes. The varieties and variations of life insurance products are endless and it's essential that you consult a trusted financial or legal advisor to understand exactly what you are buying when you purchase life insurance. Know whom you have designated as your beneficiary and review beneficiary designations regularly.
To make the most of your life insurance contract, consider if you still really need it.
- Are your children doing well in life?
- Do you have other assets that will provide for partners and loved ones?
- Have you been more financially successful than you anticipated?
- Have your financial priorities changed and as a result you now wish to do more for American Rivers?
If you answered "Yes" to any of these questions, it's time to review your beneficiary designation forms.
Any portion of your life insurance policy assets that you leave to American Rivers will be exempt from inheritance and estate taxes. You can leave all or a portion of your policy.