Charitable Giving Using Life Insurance
Charitable donations totaled $9.6 billion in 2017, and this number is on the rise.
But did you know that besides donating cash, you can also give the gift of a life insurance policy?
How does it work? And what are the tax benefits?
In this post, we’ll go over your options for charitable giving using life insurance. You’ll learn:
-Which method gives you a tax credit while you’re alive and which one gives it when you pass away
-What type of life insurance you should use for charitable giving
-How using life insurance can increase your contribution by 50% compared to other investments
Let’s begin.
Should you replace your life insurance policy?
Last week we looked at when you should perform a life insurance review. One of the suggestions that was brought up during a review was to replace your current policy if a new one would better serve your needs. How do you determine if a new policy is more suitable for you? In which way is it better? Worse? Is there a cash surrender value in the old policy that would trigger tax if you cancelled it? Would you qualify for a new policy for the same or better rate? These are all questions that you need to ask before replacing a life insurance policy.
What Is An Insured Annuity?
Are you looking for a way to provide for your family and protect your assets?
An insured annuity is the perfect solution. It provides guaranteed income, while also providing protection against inflation and market fluctuations. In the end, your assets pass on to your loved ones in an efficient way.
With an insured annuity, you can rest assured that no matter what happens in the future, your loved ones will be taken care of.
Read on to learn more about how an insured annuity works.
15 Types Of Annuities You Should Know For Retirement
Annuities are a type of investment that can provide you with guaranteed income for the rest of your life.
There are many types of annuities in Canada, and they come with different features. Which one is best for you? Which one should you get?
This easy-to-understand guide will explain the different types of annuities. In the end, you’ll know which one is right for you and your situation.
