Life Insurance can be a convenient way to make a substantial gift to the Southern Poverty Law Center for a relatively modest annual cost. You can use a paid-up policy you no longer need or purchase a new policy to make your gift. Below are examples of charitable gift-giving opportunities using life insurance.
The SPLC as Beneficiary
You can name the SPLC as the beneficiary of a life insurance policy while retaining ownership of the policy and access to the cash value. However, because you retain ownership and can change the beneficiary, no income tax charitable deduction is allowed for the value of the policy.
Survivorship Life Insurance
Also known as "second-to-die insurance," the lives of two people are covered under this form of insurance. When the second insured dies, the policy's benefits can be payable directly to the SPLC. This form of life insurance is less expensive than others, enabling you to make a larger charitable gift than you might otherwise consider.
The SPLC as Owner
If you assign a paid up insurance policy to the SPLC as its owner, you can claim a federal income-tax charitable deduction for the policy's fair-market value or the net premiums paid, whichever is less. If the policy is not paid in full, your subsequent premium payments on behalf of the Center are also deductible. Or you can make annual contributions directly to the Center that enable us to pay subsequent premiums.
If you have any questions or need additional information, please call the planned giving department, toll free, at 1-888-414-7752 or contact us online.
We recommend that you consult with your attorney or tax advisor for the various tax benefits and restrictions that may apply to your specific situation. We are available to you and your advisors to answer questions or help arrange a planned gift to the Center. The Center's future programs depend(s) on the partnerships we form today.