Gifts of Insurance

A gift of your life insurance policy is an excellent way to make a gift to United Way of Santa Barbara County. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to United Way of Santa Barbara County. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.

Gift of Insurance

Insurance

UWSBC

Benefits of gifts of life insurance

• Receive a charitable income tax deduction
• If United Way of Santa Barbara County retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
• If United Way of Santa Barbara County cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
• If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to United Way of Santa Barbara County so that we can use the proceeds to further our charitable work
• Your deduction for the gift of life insurance may vary from face value

How to make a gift of life insurance

To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include United Way of Santa Barbara County as the beneficiary of your policy.

Ways to Designate United Way of Santa Barbara County as Beneficiary of Your Policy

You can designate United Way of Santa Barbara County as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. The policy will be included in your taxable estate when you pass away. Your estate will benefit from an estate tax charitable deduction for the value of the gift to us.

Contact us

If you have any questions about making a gift of a life insurance policy or designating United Way of Santa Barbara County as Beneficiary of your Policy, please contact us. We would be happy to answer questions that you have.

Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift. Your gift may qualify you to become a member of our Heritage Club.

You can also designate United Way of Santa Barbara County as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.

Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.