Donating Your Life Insurance Policy
If you have more coverage than you need, you can name the COPD Foundation as a beneficiary of your life insurance policy, or donate ownership a paid-up policy to the COPD Foundation.
If you elect to keep ownership of the policy, you retain the flexibility to change the beneficiary if your needs change. Changing the beneficiary is as easy as contacting the plan administrator and requesting a change-of-beneficiary form.
If you elect to transfer ownership of a paid-up policy to the COPD Foundation, you receive an immediate tax break for the cash-in value of the policy. The COPD Foundation can either cash-in the policy right away or hold onto it and receive the full death benefit.
How it Works
- Name the COPD Foundation as the beneficiary of a life insurance policy
- Change the beneficiary of the policy or transfer ownership of the policy to the COPD Foundation by contacting the plan administrator
- Your gift does not impact your assets during your lifetime
- You can make a gift more significant gift than might otherwise be possible