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Do You Have a Charity You Believe In?

Do You Have a Charity You Believe In?

I have a lot of friends, connections and acquaintances that volunteer their time and champion an important cause. There is really no shortage of noble charities to donate time and money. I meet with some of these folks and the majority of them wish they could do more for their charity. Most either lack the time or the money to give more. The one thought of giving money that they just don’t have with today’s expenses to the charity bothers most people. There is a simple solution to this issue.

People just don’t think about it but why not purchase another life insurance policy and make the charity the beneficiary? It is an affordable way to leave thousands to your favorite charity for the cost of a monthly pizza delivery.  For example, the other week I met with a nice gentleman who had worked with Nashville Rescue Mission here in Nashville, TN since an early age with his parents. As an adult now, he gives a lot of his time but on his meager wage did not feel he would be able to donate any significant amount of money to his favorite charity. So, we were able to sit down and work out a monthly budget of $40.95 per month or as he said “$10 per week” and secure him a policy for $50,000 with a guaranteed rate of$40.95 until age 100 for this healthy 37 year old young man. Now for his lunch money he can feel good leaving his charity this $50,000 benefit when he dies to be sure his good work will carry on after he leaves this earth.

This method can also work with the affluent as well. They can purchase a single premium life insurance policy also known as paid up life insurance,  to their favorite charity to increase their donation about a hundred fold once they die. Certainly this strategy does require reasonably good health. There are lots a people that would like to be remembered for their work with a charity by building another building or structure or new program that would not be possible with their current earnings. Life insurance with a long term death benefit such as a whole life policy or a universal life policy is a great way to accomplish this goal.

If you feel strongly about your charity, consider sitting down with your life insurance broker and discuss options to leave them enough money to carry on your good work long after your gone.

“We make a living by what we get. We make a life by what we give.”Winston Churchill

Image by David Castillo Dominici at www.freedigitalphotos.net

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Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 27 years of experience in sales and marketing in the insurance and beverage industries.

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