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Americans appoint charity funds as beneficiaries on their life insurance policies more often

Life insurance can be an important part of protecting your family. If close relatives do not need financial support, some Americans change beneficiaries, and instead of relatives they indicate charitable foundations, according to the Financial Post.
Americans appoint charity funds as beneficiaries on their life insurance policies more often

Sometimes, when purchasing a term life insurance policy, Americans list several beneficiaries, including
charitable organizations. This choice helps receive tax benefits, as the government of the country
encourage charity.

Charitable retirement annuity is also quite common. Annuities provide a steady income when people
retire. In this case, the money is paid until the end of the annuity owner’s life and a period of 10-15
years of mandatory payments is assigned. If a person dies before this period, his relatives receive his
pension. These payments can be sent to a charitable organization in the US.


Source: https://financialpost.com/moneywise-pro/did-you-know-you-can-donate-your-life-insurance-
to-charity-here-are-four-ways-to-do-it

Photos are from open sources.

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