Gift of Life Insurance A gift of life insurance can provide a significant charitable deduction. You could purchase a new policy or donate a policy that you currently own but no longer need. To receive a deduction, designate Spectrum as both the owner and beneficiary of the life insurance policy. Consult with your insurance agent for the details.
Example: You own a $100,000 life insurance policy with a current cash value of $52,602. By transferring the policy to us as the new owner and beneficiary, you receive a current charitable deduction of $52,602. If you decide to continue paying the premiums on the policy after the gift is made, these additional premium payments will be tax deductible each year.
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