Charitable gift of a life insurance policy

You can donate a paid up policy, or even a policy on which you are still paying premiums, to a nonprofit like the Austin Woman's Club.



You can name a nonprofit such as the Austin Woman's Club as a beneficiary to your life insurance policy. You can also name more than one beneficiary and divide the amount among multiple individuals or nonprofits

If you have a life insurance policy that you no longer need because of a change in your life circumstances, you can give a paid-up policy to the Austin Woman's Club, or even a policy on which you are still paying premiums.

There are two simple ways to set up a gift of life insurance:

  1. You can irrevocably designate the Austin Woman's Club as the owner and beneficiary of your life insurance policy. By doing so, you may be entitled to a generous charitable income tax deduction.
  2. You can name the Austin Woman's Club as irrevocable beneficiary, but retain ownership of the policy itself. Call or write to your insurance company to request a form to make this change of beneficiary.

Please see your legal and/or tax advisor for more information and to determine if a charitable bequest to/for the Austin Woman's Club is right for you.