A life insurance policy can become a gift of much greater value than the actual money expended when the policy is given to the Angus Foundation, which is named as the beneficiary. The donor either can pay up the entire policy or make annual contributions to the Angus Foundation for the cost of the premiums. This is a tax-deductible gift.
In most cases, current tax advantages are available only when ownership and beneficial interest in the policy are both irrevocably transferred to the Angus Foundation.
Whole and universal life insurance policies may accrue cash value and are usually assignable.
Term life insurance policies (e.g., a group term life policy provided by an employer) may not be assignable. However, a donor (insured) may still be able to designate the Angus Foundation as a beneficiary.
Request forms to transfer ownership or to name the Angus Foundation as beneficiary (depending on gift type) from the issuing company or agent. Return completed forms to insurance company for processing.
Angus Foundation staff will work with the insurance company to complete the transfer, if necessary.
When policy ownership is transferred to the Foundation, the following is required:
Donor's/insured's name and their relationship
Policy's face value
Premium payment information
Current cash value of policy
Name of insurance company
Original policy documents
To name the Angus Foundation as beneficiary, obtain the necessary documents from insurance company or agent and send to the Foundation.