There are various methods by which a life insurance policy is contributed to a charity. A donor may: (1) irrevocably assign to a charity a paid-up life insurance policy, (2) irrevocably assign to a charity a life insurance policy on which premiums remain to be paid, or (3) name the charity as a primary or secondary beneficiary of the proceeds and retain ownership of the policy.

Existing policies may have significant inherent value. The cash surrender value is the basis for a charitable income tax deduction.

Who Might Be Interested in Giving Through Gifts of Life Insurance?

Anyone with paid-up life insurance policies, the need for which has been replaced by other assets.

For more information call the Oakland Family Services Development Department at (248) 858-7766, ext. 1203 or email at:

The information presented is for educational purposes and should not be considered as tax or legal advice. Donors should consult with their professional advisors.