Charity Can Begin With the Gift of Life Insurance

Even in a tough economic environment, with a little foresight and creativity, there are many ways you can support worthwhile endeavors and gain satisfaction knowing you’ll be able to contribute for the long term.

Regardless of your income level, you can continue to support your favorite philanthropic organizations by donating through life insurance. When you name your chosen charity as the beneficiary of your policy,1 you are contributing to a worthy cause and can benefit from potential tax deductions.

There are several methods of gifting life insurance as a charitable donation:

This educational third-party article is being provided as a courtesy by New York Life Insurance Company. For more information on this topic, contact me.

Neither New York Life Insurance Company, nor its agents, provides tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.

1Must be a qualified charity.
New York Life does not provide tax advice. For tax advice specific to your situation, please contact your professional tax advisor. Also, state laws vary with respect to charities and insurance. Consult your legal advisor for details.

SMRU: 00334102CV

Professional

Art’s father Cherry W. Smith was the first general manager of the Huntsville General Office of New York Life. Art followed in his dad’s footsteps and developed a love for and understanding of serving families in the Tennessee Valley area.

Experienced

Art earned his Life Underwriter Training Council Fellow (LUTCF) designation in 1994 and has been Agent of the Year for over 12 years at the Huntsville General Office. He is also a member of the Financial & Estate Planning Council of Huntsville.

Personal

In his free time, Art enjoys gardening, fishing and cattle farming. He lives in Huntsville with his wife Diane and they have 3 grown children.