Gifts of Life Insurance

Like reviewing your will, it's a good idea to periodically evaluate all of your insurance policies to determine their current relevance to you and your family.

If you review your life insurance policies, you may find that you have a policy that has served its intended purpose and is available to benefit WXXI. For example you may have:

• A policy that was intended to protect a spouse or child who no longer needs that support.

• A policy intended to cover mortgage payments on a mortgage now paid in full.

• A policy purchased to provide retirement income that is not now required.

• A policy that was meant to guarantee your children's education, and they are now fully educated.

• A policy designed to pay federal estate taxes that may not be necessary given estate tax changes.

• A policy your parents purchased for you when you were young.

• A policy planned to protect a business that no longer exists or needs protection.

You can make a gift of life insurance very easily by making WXXI the beneficiary of a policy you no longer need. You can designate that WXXI be a primary beneficiary to receive all, or part, of a policy, or as a secondary beneficiary to receive all, or part, of the proceeds in the event that your primary beneficiary predeceases you.

Another option is to make WXXI the owner and beneficiary of a paid-up policy. In this instance, you may be eligible to take a tax deduction based on the approximate cash value of the policy.