Allergy/Asthma Information Association

Gifts of Life Insurance

Support AAIA: Leave a Legacy for Life

Help AAIA continue its good works well into the future by arranging a gift of life insurance. You may already possess life insurance in one form or another. The value of life insurance is usually to provide financial security for your loved ones in the event of your death. Yet life insurance can be used for other purposes as well. Life insurance can provide a deferred planned gift to the Allergy/Asthma Information Association. A gift of your life insurance proceeds may be a larger amount than you might normally provide through a bequest. How you support AAIA with life insurance depends on your current circumstances and your long-term goals and objectives.

Use Existing Life Insurance Policy

You may have a life insurance policy you've held for many years and which you no longer need to provide financial security for your heirs. You can name Allergy/Asthma Information Association as the beneficiary of the policy. As a beneficiary designation is revocable, there are no immediate tax benefits. However, at your death, your estate claims a charitable donation tax credit for the proceeds of the policy. The tax credit will offset income taxes payable on your terminal tax return, and the gift will not be subject to probate fees.

Transfer Ownership of Existing Life Insurance

You can receive a current tax benefit by making Allergy/Asthma Information Association both owner and beneficiary of the policy. When you transfer ownership of the policy, a portion of its cash value will be taxable as income, but you will receive a charitable tax receipt for the entire cash value, resulting in immediate tax savings. Once AAIA assumes ownership, your gift of the proceeds of the policy is irrevocable. If premiums are still owed, you will receive a charitable tax receipt for every premium you pay.

Purchase a New Life Insurance Policy

You can purchase a new life insurance policy to support AAIA in the future with an irrevocable gift. Allergy/Asthma Information Association is designated as owner and beneficiary of the policy. You pay the premiums and again AAIA issues you a charitable tax receipt for the total amount of premiums paid each year on the policy. Often premiums can be paid up fully within a reasonable length of time.

Life Insurance is a powerful and versatile Planned Gift option. However, there are many types of policies and means of gifting their proceeds. We recommend that you speak with a qualified financial advisor to review your own situation to come up with a plan that fits your specific goals and objectives.

Download Request for InformationDonation Form (PDF version will open in a new window) Form

To speak with us about making a gift of life insurance, please call our national office at 1-800-611-7011 and ask to speak with our Planned Giving Consultant.

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