Life Insurance can be a wonderful and significant gift

Gift of Life Insurance

A most generous gift: Life insurance’s primary goal is to protect our loved ones. In situations where life insurance has served its original purpose, it can be a wonderful and significant gift to End of Life Choices New York.

Steps to Gift Insurance

  1. Request a designation form from your insurer.
  2. Name End of Life Choices New York as owner and beneficiary of your paid-up life insurance policy (see table below for other strategies). When making End of Life Choices New York owner and/or beneficiary of an insurance policy, please contact us to ensure your request is honored.
  3. You are eligible for a tax deduction for the cash value of the policy.
  4. Your generous gift of an existing insurance policy may be kept for future benefit or cashed in by End of Life Choices New York .

Here are some other ways to make a gift of life insurance.

Insurance Options
Gift OptionTax Benefits
Donate a paid-up policyDeduct the approximate cash-surrender value
Purchase a new life insurance policyDeduct the premiums if EOLCNY is named the owner
Donate a policy where you continue to pay premiumsDeduct the approximate cash value and future premiums
Name EOLCNY as the beneficiary (primary, secondary, contingent)No immediate tax benefits available, but the asset is not included in your taxable estate

Next Steps

Contact us to talk more specifically about options and benefits.

Contact Us

(212) 726-2010
or, send an email

Thank you for considering this gift!

The gift descriptions are for informational purposes and are not legal or tax advice. To ensure that this gift fits your particular circumstances and planning, please consult with your professional advisers.