How Can Life Insurance Be Used to Make Charitable Gifts?
There are two main ways to use life insurance for charitable gifts:
You can designate a charity as the beneficiary of your life insurance policy. When you die, the proceeds of the policy will go to the charity.
You can set up a charitable gift annuity. This is a contract between you and the charity. In exchange for your gift, the charity will pay you a fixed income for life.
