An insurance policy that you no longer need can be a good gift to charity. If you're thinking about a contribution to the National Geographic Society, a gift of your life insurance could be a sensible and generous course of action.
You can make National Geographic an irrevocable beneficiary by calling the insurance company and asking for a change of beneficiary form.
Benefits
- Charitable deduction when you name the Society beneficiary and irrevocably assign ownership
- Flexibility through naming the Society beneficiary but keeping ownership
- Reduction in estate taxes because proceeds are removed from your estate
You can also use life insurance to replace the value of another type of gift. For example, you could donate stock to the Society because of the tax advantages and purchase life insurance to benefit your heirs in the amount they would have received had you left them the stock.
Here's how you might list us on your life insurance plan beneficiary form: National Geographic Society, 1145 17th Street NW, Washington, DC 20036, Tax ID # 53-0193519.
The information on our Web site is not intended as financial or legal advice. Please consult your own qualified advisers as you consider philanthropic gifts.
