Designate and Donate—Life Insurance

How It Works

Benefits

Life Insurance: Make the Most of It

Life Insurance is a general term that describes many types of contracts between an insurer and an individual. All life insurance policies share three key elements: an owner, an insured, and a beneficiary.

  1. The Owner—the person who purchases and controls the policy.
  2. The Insured—the person who is covered by the life insurance policy. That person may also own the policy.
  3. The Beneficiary—the person who will receive the value of the policy upon the passing of the insured. An individual, estate, trust, or charity may be the beneficiary.

Generally speaking, most people decide to buy life insurance when they have people who are dependent upon them — children, partners, or family members. They want to provide for their loved ones after they pass away and do this by designating beneficiaries. Life Insurance can also be an important estate-planning tool and used to mitigate inheritance and estate taxes. The varieties and variations of life insurance products are endless, and it's essential that you consult a trusted financial or legal advisor to understand exactly what you are buying when you purchase life insurance. Know whom you have designated as your beneficiaries and review beneficiary designations regularly.

To make the most of your life insurance contract, consider if you still really need it.

If you answered "Yes" to any of these questions, it's time to review your beneficiary designation forms.

Any portion of your life insurance policy assets that you leave to National Audubon Society will be exempt from inheritance and estate taxes. You can leave all or a portion of your policy.

Please contact us or talk with your financial advisor for Gifts of Life Insurance.