Life Insurance

Life insurance is a planning tool flexible enough to meet a variety of personal financial needs. Making a charitable gift of a life insurance policy that provides coverage in a way no longer necessary or relevant to your needs is a convenient way to fulfill philanthropic goals.

There are seven ways to give using your life insurance plan:

1. Name a charitable recipient as:

  • primary beneficiary: to receive part or all of the policy proceeds;
  • secondary beneficiary: to receive part or all of the policy proceeds in a case where the primary beneficiary has predeceased you;
  • final beneficiary: to receive part or all of the policy proceeds if all other beneficiaries have predeceased you.

2. Purchase a new policy to make a substantial, tax-efficient gift.

3. Give a current, paid-to-date policy by changing the owner and beneficiary.

4. Give a policy that you’re not yet paying premiums on.

5. Puchase a policy that will benefit your heirs, to replace a gift of cash or property.

6. Purchase a policy on the life of another person if you don’t qualify personally.

7. Assign dividends from a policy to a charitable interest.

Your plan administrator may require the following information: the Homesteading Assistance (U-hab), Inc. is a "public foundation," incorporated in the State of New York on November 30, 1978, and is classified as tax-exempt under Internal Revenue Code 501(c)3. The tax identification number for the Urban Homesteading Assistance Board is 13-2902798.
Before making a donation to the Urban Homesteading Assistance Board, we recommend that you consult your advisor or attorney for full advice on the effect of your gift.