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Spirit & Sustainability

Life Insurance

Donors who are no longer in need of death benefit can use life insurance as a vehicle for donating to our organization. Through this form of donation, you can receive an income tax deduction for the surrender value, and you avoid the need for any subsequent premium payments in additional to the possibility of removing death benefits from a taxable estate. This deduction is limited to the lower of cost basis or fair market value.

You have the option of purchasing a new policy naming Integrative Spirituality (the corporate name of Universe Spirit,) as the irrevocable owner and beneficiary. The premium payments have potential for income tax deductions. The gift may also result in favorable gift and estate tax consequences.

Another option is to name Integrative Spirituality as the first, second or contingent beneficiary of your existing policy.

Some states do have statutes that must be evaluated in relation to life insurance contributions. We recommend that you confer with you life insurance agent and tax advisor to determine tax consequences and technical logistics of a proposed donation. Please contact us with additional questions and/or to make appropriate arrangements.