Gifts of Insurance
Using a gift of life insurance is an excellent way to make a gift to Seattle Foundation's work or to fund your chartiable fund at the Foundation. If you have a life insurance policy that has outlasted its original purpose, it can be an appropriate asset to fund your philanthropy. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
There are two primary ways to donate insurance:
- Transfer the policy to Seattle Foundation: this means you will no longer be able to make any use of the policy.
- Name Seattle Foundation a beneficiary of your policy (full, part, or contingent): this means you may retain use of the policy during your lifetime, with the proceeds donated to Seattle Foundation upon your passing.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
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For policy transfers: if Seattle Foundation retains the policy to maturity, you can receive additional
tax deductions by making annual gifts so that we can pay the premiums.
- OR if Seattle Foundation cashes in the policy, you will be able to see firsthand how your gift supports our charitable work!
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to Seattle Foundation either directed to your fund or as an outright gift to support our community grantmaking efforts.
How to make a gift of life insurance
If you would like to donate life insurance, please contact the Gift Planning team at Seattle Foundation. We can help determine what's right for you - an outright transfer or naming us a beneficiary - and help walk you through the next steps.
In addition, 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.