INFOclip: Gifting Your Life Insurance

As your client’s life circumstances change, so do their financial obligations. Maybe they’ve already paid off their debts and achieved all of their wealth goals – impressive! But what happens to your client’s life insurance policy if it is no longer required to cover financial risk?

Well, they can certainly choose to cancel their policy, but what if there was a more meaningful option? One way is for your client to donate the proceeds of their permanent life insurance policy to a charity of their choice. They will still be able to enrich their estate with the tax benefits of charitable giving, but they will also be able to have a significant impact on a charity’s ability to achieve its goals. Now THAT is meaningful!

Watch this video and share it with your clients to help them understand their insurance gifting options, as well as the caveats involved in donating an insurance policy to charity.

For a similar article about charitable gifting, read and share the client-friendly version of How Life Insurance Can Help Your Client’s Favourite Charity and if you have any questions about donating a life insurance policy to a charity, contact your local PPI Collaboration Centre.

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INFOclip: Gifting Your Life Insurance