Giving Through Your Life Insurance Policy If you are interested in making a large gift with little cost, consider giving the School Nutrition Foundation a life insurance policy you no longer need. When you transfer a policy to the School Nutrition Foundation making the Foundation both the owner and the beneficiary of the policy, you can receive income tax deductions for the premiums paid in the years ahead or the fair market value of the policy. You can transfer either a new or existing policy to the School Nutrition Foundation. When the original purpose for the life insurance policy no longer applies—such as the education of your children or to provide financial security for another individual who is now deceased—your life insurance can be redirected to help support the School Nutrition Association and its members through the School Nutrition Foundation. Your gift options with your life insurance policy: Name the School Nutrition Foundation as the primary beneficiary or as one of the primary beneficiaries of the policy. (However, please note that naming the School Nutrition Foundation as beneficiary while you retain the ownership of the policy does not qualify you for an income tax deduction.) Assign the ownership of the policy to the School Nutrition Foundation as well as name the Foundation as the beneficiary. (You will qualify for tax benefits with this option.) Purchasing a new life insurance policy and naming the School Nutrition Foundation as the owner and beneficiary of the policy. Rather than you paying premiums to the insurance company, you can make tax-deductible contributions to the School Nutrition Foundation to cover the cost of the premiums. The Foundation will then use your contributions to pay the premiums to the insurance company. Advantages of giving through your life insurance policy: Simple process to change the beneficiary and to transfer the ownership of an existing life insurance policy. Income tax savings are available from the gift of a life insurance policy; for the contributions that you make to the Foundation to cover the premiums on the policy or the fair market value of the policy at the time of the gift. Uses a life insurance policy that was purchased for a specific reason where that reason no longer exists to make a gift to the Foundation that serves the association for which you have great passion. Can be put to work faster for the School Nutrition Foundation because the Foundation receives the proceeds of the policy immediately, without having to wait for the estate to be settled. Unlike a gift through your will, a life insurance policy gift is not a matter of public record and is a private way of making significant gifts.