Gifts of Life Insurance

Many people have insurance policies that have outlived their original purpose. For example, some people have old policies to cover the cost of a child's education or to provide financial support to a spouse or child in case of a premature death. If the original need for a policy has been met, consider gifting the policy to SeniorsPlus.  We recommend you discuss the prospect of making a gift of life insurance with an attorney.

How to give general life insurance as a gift

There are ways that you can give life insurance.

  • Give a paid-up policy. Policies that have outlived their intended purpose can make wonderful gifts.
  • Buy a new policy. You can make a substantial gift by taking out a policy and making us both owner and beneficiary. The premium payments can be tax deductible.
  • Give a single premium policy for maximum benefits.
  • Add a beneficiary. You can name SeniorsPlus as a primary or joint beneficiary. Another option is to name us as a secondary or final beneficiary on an existing or new policy. If the beneficiary(ies) dies before you do, we will become the beneficiary. Because the gift isn't definite, the tax benefits may be deductible from federal estate taxes. You may name us as a beneficiary on whole or term life insurance policies.