You can name the Fossey Fund as a beneficiary of all or part of any individual or group life insurance policy, or as a contingent beneficiary should your other beneficiaries not survive you. If you donate the policy directly to the Fossey Fund, you will also receive an income tax deduction. Because insurance doesn’t pass through your will, it avoids probate.
Life insurance can be used in many ways to help you make charitable gifts more effectively. One example is the use of life insurance to “replace” funds in your estate that have been given to the Fossey Fund. The life insurance policy proceeds serve to provide an inheritance for heirs that might not otherwise be available.
For example, you might use the tax savings and all or a portion of the income generated by a charitable remainder trust or other gift plan to purchase life insurance benefitting your heirs. That way, the charity receives the gift you intend, while your heirs enjoy their inheritance – often at little or no cost to you or them. Check with your life insurance professional or other financial advisor for additional information about this option.