Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to Houston Habitat for Humanity. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Houston Habitat for Humanity. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- You may receive a charitable income tax deduction
- If Houston Habitat for Humanity retains the policy to maturity, you can receive additional tax deductions by making annual gifts to Houston so that Houston can pay the premiums
- If Houston Habitat for Humanity cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If Houston Habitat retains the policy to maturity, or you name Houston Habitat as a beneficiary, once the policy matures, the proceeds of the policy will be paid to Houston Habitat further our charitable work
How to make a gift of life insurance
There are two ways to make a gift of life insurance
- Designate Houston Habitat as a beneficiary of a policy you already hold. Contact your life insurance provider, request a beneficiary designation form from the insurer and include Houston Habitat for Humanity as the beneficiary of your policy.
- Set up a new policy with Houston Habitat as the beneficiary and and give annual donations to Houston Habitat to pay premiums until the policy is fully paid.
You can also designate Houston Habitat for Humanity as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.
Contact us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.