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Gifts of Insurance

If you have a life insurance policy that has outlasted its original purpose, consider donating your insurance policy to the Community Foundation of Louisville to add to your fund balance after your lifetime.

Flowchart: Donor names the Community Foundation of Louisville as the owner of their life insurance policy. Donor makes contributions to the Community Foundation to pay for the life insurance premium and receives income tax deductions for those payments. The Community Foundation has the authority to keep the policy until maturity or cash in the policy for its cash value. The death benefit or cash value is added to the donor's fund.

How to make a gift of life insurance

Contact the Community Foundation of Louisville before making a gift of life insurance so we can help you along the way. You will need to contact your life insurance provider to request an ownership change form from the insurer to make the Community Foundation of Louisville the owner of your policy. This will require signatures and additional paperwork from the Community Foundation.

Additional Information

Alternatively, you can designate the Community Foundation of Louisville as a partial, full, or contingent beneficiary of your life insurance policy. You will continue to own the life insurance policy and can make use of it during your lifetime. In this case, your estate may benefit from an estate tax charitable deduction.

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