A gift of life insurance is a good way to maximize your impact. By naming Easterseals Serving Chicagoland and Greater Rockford as beneficiary, your small premium payments transform into a sizable gift. Plus, it is revocable at any time if your plans change.
This program allows supporters to donate life insurance policies they no longer need or want, the premium is paid, and the fund then distributes the net death benefits (after paying premium and other expenses) to Easterseals Serving Chicagoland and Greater Rockford, as appointed by the donor. Donors have no obligation to pay any future premiums.
Benefits to the donor: An exciting aspect of your donation of a life insurance policy is that Easterseals serving Chicagoland and Greater Rockford may receive distributions resulting from your donation while you are alive, so that you will be able to see the good work that your generosity has made possible. Easterseals is entitled to a pro rata distribution from the policies that are donated to the fund.
In addition, you will receive financial benefits as a result of your donation. First, future premiums will be paid. Second, your donation provides a superior alternative by deriving value from a policy that would otherwise lapse or be sold as part of a life settlement. Life insurance is a capital asset that may be valued for a charitable income tax deduction, provided that the donation value is supported by an independent appraisal. We encourage you to consult with your attorney or tax professional.
What policies are accepted? Although all types of policies (term, universal, whole, survivorship, etc.) are accepted, not all policies will qualify for donation. Please contact Easterseals serving Chicagoland and Greater Rockford for more information on having your policy assessed for donation and details on how to make the donation.
Dorothy Dohoney, Development Manager and Board Liason, Easterseals
1939 West 13th Street, Chicago, IL 60608
312.491.4110 ext. 10003