Author: Test Administrator

Insuring A Better World Fund is Donating to the Top Cancer Research Hospitals

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In recognition of Breast Cancer Awareness month and in honor of Dr. Bruce Chabner who served 27 years at National Cancer Institute and 13 years as the director of the division of Cancer Treatment at NCI, Insuring A Better World Fund is helping to make a difference. We are making unrestricted donations to help fund cancer research at the nation’s top cancer research hospitals:

      1. Massachusetts General Hospital
      2. Johns Hopkins
      3. University of Chicago
      4. Dana Farber Cancer Institute 
      5. The Cleveland Clinic
      6. Mayo Clinic
      7. MD Anderson
      8. UCSF Hospital 
      9. Penn Medicine 
      10. American Cancer Society 
      11. Memorial Sloan Kettering Cancer Center 
      12. Northwestern Memorial Medicine 
      13. UPMC Presbyterian Shadyside
      14. New York Presbyterian Hospital 

 

Insuring A Better World Fund is a charity for charities, whose mission is to transform the over $100 Billion of lapsing life insurance each year to the donors philanthropic ideals at no cost to the donor or their chosen charities. Let’s work together to fund cancer research and all the great charitable causes. Together we can ensure a better world for us all.

Remembering Bart Kogan, a beloved colleague and friend

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It is with a heavy heart and great gratitude that I must announce the passing of our friend and fellow InterVivos Board member Bart Kogan. The Obituary below does not begin to cover his generous spirit and devotion to philanthropy. He was a member of our team, from the Board’s inception and his positivity emanated throughout our organization. Insuring A Better World Fund, philanthropy, and all of us, lost a bright light in our collective universe. We will miss him greatly. Let’s double our efforts to leave this world a better place. I know he did.

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The Top Ten Ways To Give Life Insurance

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David Simon, President and cofounder of Insuring A Better World Fund, recently wrote an article on the Top Ten Ways To Give Life Insurance. This article addresses the ten best ways for non-profits to receive gifts of life insurance. Charities must not miss out on this enormous opportunity to solicit this non-cash alternative for legacy sized gifts. 

ThinkAdvisor has published an edited version of this article on their website. Read it now to learn how charities can access this annual $100 Billion + asset class by transforming unneeded life insurance into legacy gifts at no cost to the charity or its donors.

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Financial Professional Awareness

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Insuring A Better World Fund was created by two lifetime financial service professionals with a combined 70 years of experience in the life insurance industry. This 501(c)(3) charity was created to help bridge the gap between potential donors of life insurance policies and the charities they wish to support.


Insuring A Better World Fund transforms an unhappy client who may lapse a life insurance policy after years of premium payments into a happy client who has fulfilled their philanthropic goals and secured their legacy at no cost to them or their chosen charity. A donation of a life insurance policy to Insuring A Better World Fund improves the client’s cash flow; may allow them a charitable tax deduction and fulfill a gift that they committed to in testamentary documents.

 
Although industry statistics state that 88% of all life insurance policies lapse, life insurance is still a compelling purchase for most individuals and many corporations. In fact, there is over $20 trillion of death benefit in force in the United States. There are a myriad of ways the life insurance industry has served their clients faithfully and in their best interest. Life insurance is purchased for income protection, wealth transfer, estate planning, business succession and many other reasons. The industry estimates that US households are UNDER insured by $12 TRILLION.

However, the overwhelming majority of these policies lapse without paying a death benefit. No change to human behavior is required. Instead, we transform the potential waste of a lapsing life insurance policy into your client’s philanthropic ideal. Insuring A Better World Fund is an attractive exit strategy to those policy owners who are lapsing a life insurance policy. Gain the expertise to fulfill your client’s philanthropic goals through the no-cost donation of life insurance to Insuring A Better World Fund, a new and attractive exit strategy.

This will enhance your relationship with your client in several ways, while benefiting the charities your clients choose to support.

  • This is a brand new “no ask“ conversation that all life insurance and financial professionals should be having with their clients in the senior market. With a growing senior market, 10,000 people a day turn 65, this opportunity is a win-win option for your senior clients.
  • You can help your clients find a feel-good alternative to a life settlement without competing with the market. Many clients are uneasy with the concept of selling their life insurance policy, whether it’s to a for-profit fund, a desire to avoid the long process, or getting a very small or no life settlement offer.
  • The client can donate that same policy to their favorite charity at no cost AND receive a charitable income tax deduction upon donation to Insuring A Better World Fund, a 501(c)(3) nonprofit.
  • Insuring a Better World Fund is a no cost option for your client and the charity. This relieves your client of any future premium payments improving their cash flow.

We are also a wonderful tool to approach the charities you support. Financial professionals know that the $20 trillion life insurance asset class is ripe for charitable use. Conversations around philanthropy are a must as the great wealth transfer is already underway. This also helps the charity with the following:

  • In 2021, estimates of lapsed death benefit in the senior market alone ranged from $100 billion to $180 billion. Though not all of those policies have value, that still leaves tens of billions of dollars of life insurance that can be re-purposed for the benefit of charity.
  • Charities lack the expertise needed and you can be their expert resource.
  • Numerous opportunities as the charities’ life insurance expert to sell new policies to board members, donors and support new sales in conjunction with donations.


Insuring A Better World Fund combines the world of financial professionals, their clients, and charities into one team for the benefit of all. The leadership in our industry has always exemplified the philanthropic ideals that life insurance professionals and our industry should promote.

Our co-founders Robert Stuchiner and David Simon both have their own personal involvement with several charities that encompass disease, religion, poverty, and education. Personal causes affecting them and their families, ranging from visual impairment & diabetes to Alzheimer’s and Parkinson’s disease, are all part of what drives our shared mission to create more charitable impact through this opportunity within the life insurance industry.

Donations of life insurance not only provide much needed revenue to charities, but also provide hope to the people charities are benefitting today. At the recent FORUM400 meeting of top life insurance professionals, one truly outstanding professional, Larry Rybka, was recognized with the Humanitarian Award for building a school in an underdeveloped area.

The standing ovation he received acknowledged not just his accomplishment, but who he is and the legacy he built. The educational opportunity he envisioned will serve hundreds of students, benefit thousands in their households and will positively impact millions in their community for generations. Now that creates a better world for us all.

Insuring A Better World Fund is founded on the principle that each of us has the potential to make an impact and create our own legacy. Now, the donation of a lapsing life insurance policy can be a large part of the equation for your client to realize that legacy.

Together we can ensure a better world for us all, but we need your support. To join us visit our contact page at iabwf.org/contact/ or call us at 312-819-0790.

A Call to Action for Financial Professionals

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Insuring A Better World Fund was created by two lifetime financial service professionals with a combined 70 years of experience in the life insurance industry. This 501(c)(3) charity was created to help bridge the gap between potential donors of life insurance policies and the charities they wish to support.

Insuring A Better World Fund transforms an unhappy client who may lapse a life insurance policy after years of premium payments into a happy client who has fulfilled their philanthropic goals and secured their legacy at no cost to them or their chosen charity. A donation of a life insurance policy to Insuring A Better World Fund improves the client’s cash flow; this allows them a charitable tax deduction and may fulfill a gift that they committed to in testamentary documents.

 
Although industry statistics state that 88% of all life insurance policies lapse, life insurance is still a compelling purchase for most individuals and many corporations. In fact, there is approximately $20 trillion of death benefit in force in the United States. There are a myriad of ways the life insurance industry has served their clients faithfully and in their best interest. In our teams tenured experience, we have seen direct impacts:

  • Upon delivery of death benefit payments to families facing financial burdens
  • For clients seeking liquidity after the passing of their loved one
  • For businesses facing financial hardship following the death of an owner or key-man
However, the overwhelming majority of these policies lapse without paying a death benefit. No change to human behavior is required – instead, we transform the value of a policy that would otherwise go to waste for the benefit of your client’s chosen charitable cause. Insuring A Better World Fund is an attractive exit strategy to those policy owners who are lapsing a life insurance policy. When you work with us, you will gain the expertise needed to fulfill your client’s philanthropic goals through the no-cost donation of life insurance to Insuring A Better World Fund, a new and attractive exit strategy.

This will enhance your relationship with your client in several ways, while benefitting the charities your clients choose to support.

  • This is a brand new “no ask“ conversation that all life insurance and financial professionals should be having with their clients in the senior market. With a growing senior market, 10,000 people a day turning age 65, this opportunity is a win-win option for your senior clients.
  • You can help your clients find a feel-good alternative to a life settlement without competing with the market. Many clients are uneasy with the concept of selling their life insurance policy, whether it’s to a for-profit fund, a desire to avoid the long process, or getting very little or no life settlement offer motivating the client to sell.

We are also a wonderful tool to approach the charities you support. Financial professionals know that the $20 trillion life insurance asset class is ripe for charitable use. Conversations around philanthropy are a must as the great wealth transfer is already underway. This also helps your client with the following:

  • The client can donate that same policy for the benefit of their favorite charity at no cost AND receive a charitable income tax deduction upon donation to Insuring A Better World Fund, a 501(c)(3) nonprofit.
  • In 2021, estimates of lapsed death benefit in the senior market alone ranged from $100 billion to $180 billion. Though not all of those policies have value, that still leaves tens of billions of dollars of life insurance that can be re-purposed for the benefit of charity.


Insuring A Better World Fund combines the world of financial professionals, their clients, and charities into one team for the benefit of all. The leadership in our industry has always exemplified the philanthropic ideals that life insurance professionals and our industry should promote.

Our co-founders Robert Stuchiner and David Simon both have their own personal involvement with several charities that encompass disease, religion, poverty, and education. Personal causes affecting them and their families, ranging from visual impairment & diabetes to Alzheimer’s and Parkinson’s disease, are all part of what drives our shared mission to create more charitable impact through the opportunity within the life insurance industry.

Donations of life insurance not only provide much needed revenue to charities, but also provide hope to the people charities are benefitting today. At the recent FORUM400 meeting of top life insurance professionals, Larry Rybka, a truly outstanding professional was recognized with the Humanitarian Award for building a school in an underdeveloped area. Mr. Rybka’s generosity inspired one of his clients to build a hospital nearby the school.

The standing ovation he received acknowledged not just his accomplishment, but who he is and the legacy he built. The educational opportunity he envisioned will serve hundreds of students, benefit thousands in their households and will positively impact millions in their community for generations. Now that creates a better world for us all.

Insuring A Better World Fund is founded on the principle that each of us has the potential to make an impact and create our own legacy. Now, the donation of a lapsing life insurance policy can be a large part of the equation for your client to realize that legacy.

Together we can ensure a better world for us all, but we need your support. To join us visit our contact page at www.iabwf.org/contact or call us at 312-819-0790.

 

Do I still need my life insurance?

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Mr. and Ms. Smith are the parents in a successful two income family with four children. They own a nice house near the city and are involved in many activities outside of home or work, mostly centered around their children.

Their first born is a 17-year-old daughter excelling in the sciences and looking forward to attending a private college on the west coast. Their second born, a 15-year-old son, is a highly competitive baseball player and may be on a scholarship track to a division one university. Next in line is their 13-year-old son who already performs in a garage band and mixes music on his computer for school dances and parties. The youngest is a precocious girl who loves being around her friends and family and shows a keen interest in medicine at the tender age of 10-years-old.

Mr. Smith owns a textile company with 25+ employees and earns approximately $250,000 a year. Ms. Smith is a structured finance attorney with a mid-sized law firm and also earns approximately $250,000 a year.

There are many reasons to buy life insurance but the four most popular reasons are:

1)           To financially protect your family;

2)           To replace lost income from the death of an income earner;

3)           To pay off debts and estate taxes; and

4)           To cover potential future expenses such as education, childcare, and funeral expenses.

The Smith family illustrates all four of these reasons. Although the amount of coverage varies by lifestyle, assets and income, the reasons for purchasing life insurance remain the same.

Mr. and Ms. Smith each own life insurance policies to make sure that the future expenses of  their children, including college, post college education, childcare and funeral expenses will be covered in the case of an untimely death of either one of them.

Each of the Smiths bought enough life insurance to make sure that any debts they have on their house, cars, credit cards or bank loans would be paid at the death of either one of them. As their assets accumulate during their earning years, they have also included an amount to cover any estate taxes that may be due at death.

The Smiths current lifestyle relies on the income of both Mr. and Ms. Smith. Their income is used for their daily needs such as food, clothing, housing, and medical bills as well as their desires for travel, summer camps, concert tickets and the like. The amount of life insurance coverage was calculated to make sure that the family is financially protected in the case of the death Mr. or Ms. Smith, or both of them.

There is over $20 Trillion of life insurance death benefit in force in the United States today. Yet statistics show that almost 90% of life insurance policies lapse without the life insurance company paying a death benefit claim. Why?

Well as the above example illustrates, as life changes needs change and the reasons for purchasing life insurance also change. As for the Smiths, when the children are grown, finished with college and secondary education and are on their own, the need to cover future expenses evaporates. At that point, the life insurance policies may no longer be needed to support their children.

As the Smiths pay down their mortgage, credit cards and bank loans, they may no longer need life insurance to help pay off debts. At some point, the Smiths may accumulate enough retirement savings and other assets that they no longer need to rely on life insurance to replace income for the surviving spouse.

However, the number one reason owners of life insurance allow their policies to lapse is the cost of insurance premiums as they age.

Insuring A Better World Fund provides an alternative for seniors which allows them to donate their unneeded life insurance policies to the charity of their choice at no cost to them or the charity. Insuring A Better World Fund does not have to change human behavior to be successful. There are Billions of dollars of life insurance owned by seniors that lapse every year. Together, we can prevent these policies from going to waste. Everyone leaves a legacy, and this is a unique opportunity to leave a legacy-sized gift at no cost to the donor/policy owner or the charity.

If you own life insurance that you no longer need, Insuring A Better World fund is a no cost exit strategy leading to your legacy.

If you are a financial professional, this is a new, no cost, charitable exit strategy for clients that are considering lapsing their life insurance policies.

If you are a charity, life insurance donations are a vast asset class with sizable potential for your donors to donate legacy-sized gifts, with no out-of-pocket or administrative costs to your charity.

Charitable Tax Deductions Through Unneeded Life Insurance

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Charitable Tax Deductions Through Unneeded Life Insurance

Charitable Tax Deductions Through Unneeded Life Insurance

Eliminate premium payments on an unneeded life insurance policy by supporting your favorite charity. You may receive a charitable income tax deduction.

Charitable gifts of life insurance are one popular method of legacy giving that allows many donors to give more to their favorite cause than possible with a cash gift. Donating your life insurance to charity may also provide valuable tax benefits to the donor. These potential tax advantages depend on the method an individual uses to donate their life insurance policy to charity.

Insuring A Better World Fund’s innovative approach to charitable gifts of life insurance allows donors the opportunity to take full advantage of charitable tax benefits. Upon donation, ownership of the policy is transferred to Insuring A Better World, a 501(c)3 not-for-profit organization and donors may receive a charitable income tax deduction*.

  1. *Please note that we are not tax advisors and cannot give tax advice. Please consult with your tax professional for your specific circumstance.

Traditional methods of donating life insurance versus Insuring A Better World Fund

  1. Traditionally, there have been three ways to donate a life insurance policy to charity:  

1. A donor names a charitable organization as the owner and beneficiary of their existing policy.

If the policy is “paid up” i.e. no more scheduled premiums, then the charity receives the death benefit amount upon the donor’s death. If the life insurance policy donated requires additional premium, the donor agrees to pay the cost of the premium in the form of annual tax-deductible gifts to the charity. The charity acts as a conduit and pays the premium to the life insurance company. Unfortunately, these types of donations often lapse when the donor stops paying premium due to the financial burden of increased unplanned premium. Due to the prolonged low interest rate environment, required increased premium from the donor is quite common today.

If the donor refuses to pay the increased premium, the gift to the charity lapses without the charity receiving any benefit, clearly a bad unintended outcome.

2. A donor creates a new policy and designates the charity as the owner and beneficiary

This method requires an “insurable interest” that can be demonstrated to the insurance company (usually board members or a history of giving by the insured). Similarly, the donor will pay the cost of the premium in the form of annual tax-deductible gifts to the charity. The charity acts as a conduit and pays the premium to the life insurance company. Unfortunately, the same financial burden to the donor applies and these donations may lapse without paying a death benefit to charity, a bad unintended outcome.

3. A donor names a charitable organization as the beneficiary to a policy while retaining ownership.

This option allows donors the right to change the beneficiary at any point and the donor determines the portion of the death benefit for charity. However, the income tax benefits for charitable giving do not apply because the ownership of the policy is not transferred to a charitable organization.

  1. Insuring A Better World Fund offers advantageous tax benefits: a potential income tax deduction. Unlike the methods above, Insuring A Better World Fund eliminates all costs for donors and their chosen charities. We pay all costs after donation. Charities can be confident that the policy will not lapse due to the financial strain on donors and donors are relieved of an unneeded policy while still receiving the opportunity to gain a charitable tax deduction from the transfer of ownership.

How do I donate my policy?

  1. Our donation process is simple and costs nothing. Submit your policy for review using the form below and our team will reach out to you within two business days to start the qualification process.

  1. Visit our charitable gifts of life insurance page to learn more about how Insuring A Better World Fund determines which policies are eligible for donation.

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The Kevin O’Connor Philanthropic Case Study

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On April 20th, Insuring A Better World Fund founders David Simon and Robert Stuchiner presented an overview of the charity to The American College of Financial Services during an online webinar. The event centered on the incredible legacy of Kevin O’Connor, who was an American College alumni and Insuring A Better World Fund’s first policy donor, and the innovative philanthropic alternative that the charity now offers individuals with unwanted or unneeded life insurance policies.

Kevin’s legacy sized gift, through the Insuring A Better World Fund to the American College of Financial Services, provides for numerous scholarships to be awarded. “A great man funds knowledge from a great institution. A wonderful legacy the Insuring A Better World Fund made possible for Kevin and the College”, noted charity co-founder and long time friend Robert Stuchiner.

NCPP Baltimore 2017 – IABWF Exhibitors

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Co-founders Robert Stuchiner and David Simon at the IABWF exhibit booth during the 2017 NCPP conference in Baltimore. This is the third year IABWF has exhibited at the nation’s prestigious planned giving conference.

The conference is attended by Planned giving professionals representing each charitable sector. IABWF’s mission supports universities, hospitals, disease oriented, poverty tackling, religious, etc. All specialists learn and share at this three day event.

IABWF’s life insurance donation program is the new topic. Most charities for several good reasons do not accept life insurance policies as donations unless the donor pays the ongoing premium. Further, life insurance is premised on the law of large numbers. It is hard for a single charity to achieve the critical mass of policiesnecessary for actuarial credibility.

IABWF is the solution. IABWF pays all premiums after donation and IABWF aggregates life insurance policy donations from many charities to achieve critical mass and actuarial credibility.

IABWF met over 63 new charitable organizations representing thousands of potential donors. Every year over $100 billion dollars of life insurance is wasted by our target market. Now let’s capture some of that value for charities.

IABWF Raffle Donation at NCPP Baltimore 2017

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Insuring A Better World Fund exhibits at the 2017 NCPP in Baltimore. Insuring A Better World Fund sponsored a donation contest, giving away $18,000 to five chosen charities. IABWF received 63 entrants.

Planned giving professionals from across the charitable spectrum entered their non-profit for the chance to be selected for the top donation of $10,000 or one of the other four donations.