As premium payments are made to the insurer, they would be deductible by the donor for federal income tax purposes if the charity is both the irrevocable owner and beneficiary of the policy. Premium payments may generate a potential federal income tax deduction of up to 50 percent of the adjusted gross income of the donor, with a 5-year carry forward of any excess. Favorable gift and estate tax consequences may also result from such a gift.
The original application for insurance, completed and signed by the insured, should be sent to: Shriners Hospitals for Children, 2900 N. Rocky Point Dr. Tampa, FL 33607. Thereafter, we will return the application to you to complete the process. Once the policy is issued, we would appreciate having the original policy or a copy for our file.
Policy premium payments may be made directly to the insurance carrier by the donor or paid to Shriners Hospitals for Children for our remittance to the carrier.
Another way to give through life insurance is to name Shriners Hospitals for Children as the first, second, or contingent beneficiary of existing policies. This can be accomplished by simply using a change of beneficiary form which any policyholder can request from the life insurance carrier.
Charitable contributions are promptly acknowledged in accordance with IRS rules. Donor gifts may be eligible for the Shriners Hospitals for Children Donor Recognition Program. Please confer with your own attorney and tax advisor to determine the tax benefits of a proposed gift.