When investing in life insurance, many individuals will immediately select family or friends as the policy’s beneficiaries. However, another option has been receiving attention lately — that of donating your life insurance to either a charity or a college. Individuals can either “name the charity as the policy’s beneficiary (and the charity receives the proceeds when the client dies) or they can transfer ownership of the policy to the charity while they’re alive.” While not all charitable organizations or colleges might be able to own such a policy, it is an interesting option to give charitably.
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