Many donors find that their life insurance policies are no longer needed for their original purposes. Giving the policy to the American Red Cross Bay Area Chapter is a convenient way to ensure your community is prepared for the next disaster.
How to Donate Life Insurance Policies
There are several different ways to make a life insurance gift, some of which may entitle you to an immediate charitable income tax deduction:
- Name the American Red Cross Bay Area as a beneficiary
- Give a current, paid-to-date policy by naming us as both the owner and beneficiary
- Give a policy on which you continue to pay the premiums
Before making a gift of a life insurance policy to the American Red Cross Bay Area Chapter, we recommend that you consult your tax advisor or attorney for full advice on the effect of your gift.