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Philanthropic use of Life Insurance: Winning The Triple Crown

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Mage just won the Kentucky Derby on May 6th. This is a huge win for the horse, the trainer and the owners. However, this is just the first leg of the Triple Crown. Saturday is the Preakness followed by the last leg, the Belmont Stakes, on June 10th .  Although Mage is entered in the Preakness, it remains to be seen who will win and whether or not Mage will even enter the Belmont Stakes. Winning the Triple Crown is very rare and has happened only thirteen times in over 100 years of horse racing.

Often times in negotiations and legal settlements the parties try to achieve win-win solutions. This allows both parties to feel good and claim victory. Although this can be achieved more often than not, one side feels like the winner and one side experiences disappointment.

Philanthropic use of life insurance is the triple crown of philanthropic planned giving. Now donors can win by helping their favorite charity win big with a legacy sized gift of life insurance. The Financial Advisor and Planned Giving Advisor win too with the charitable gift of life insurance.

The primary purpose of life insurance is to provide a safety net for those who depend on you financially. The death benefit that is paid to your beneficiaries can help them cover daily expenses, future costs, such as college tuition or mortgages and provide liquidity at death for business needs, taxes or income replacement. What if your children are grown, your business is sold, your estate planning is complete, and you have more life insurance than you need?  This results in unneeded life insurance that can now be transformed into a legacy-size donation to a favorite charity.

“Life insurance often provides a death benefit several times larger than the premium paid, which is why it is a great way to boost your charitable giving.” says Robert Stuchiner, Co-founder of Insuring A Better World Fund, and a life insurance professional with 45 years of experience.

There is over $20 TRILLION of life insurance in force in the United States and roughly 88% of these policies will lapse without paying a death benefit. Over 250,000 seniors lapse their life insurance policy each year. More than $150 billion of senior-owned life insurance is wasted annually when the owners stop paying premiums. Despite its enormous size and opportunity, life insurance is the most under utilized asset class for charitable giving.

According to a study by Dr. Russell James, Professor at Texas Tech University, charities that accept noncash donations achieved far more robust growth than other charities. Specifically, Dr. James studied the data of one million nonprofit tax returns from 2010-2015. Over a five-year period, the total growth in fundraising contributions was 11% for organizations that only received cash gifts compared to 50% growth for those that received noncash gifts in addition to cash gifts, and 66% growth for charities that received securities as part of their noncash gifts. Note this study was conducted during a time period of continued asset growth in bonds, stocks, real estate, and more. Today is a different world with declining markets, inflation and donor’s concerns about outliving their assets. Noncash gifts are more important than ever.

Insuring a Better World Fund, a 501(c)(3) nonprofit, helps donors transform this wasted life insurance to better the world. Donors choose. Insuring A Better World Fund pays. Charities receive. Donors can make legacy-sized gifts to their favorite charity with a simple, no-cost solution.

The Triple Win

The Charity Wins: Receive a Legacy-Sized gift with additional benefits.

Save time, money and resources! Insuring A Better World Fund can do it all for charities. The donation process is easy to explain and simple to execute with donors. Insuring A Better World Fund pays all costs, administers the policies and expertly manages the life insurance gift to maximize its value for charity. There is no need for a charity to augment their staff. Insuring A Better World Fund draws from its extensive network of financial professionals, the charities own donor pool and other referral sources to identify and secure donations.

Maximize value! Insuring A Better World Fund’s management team utilizes their decades of experience to underwrite and evaluate policies to determine which policies are appropriate for donation. Donors who make legacy gifts are much more likely to continue to make annual gifts too. The added opportunity to receive a blended gift from the donor’s life insurance premium savings is a compelling proposition for the donor. Donations of life insurance strengthen relationships with financial professionals to secure more gifts and donors. Charities may elect to have Insuring A Better World Fund review their existing life insurance policy portfolio to rescue lapsing policies and maximize the value of the portfolio.

Something new to engage donors! Does marketing a no-cost ask sound easy? It is. This is a no-cost ask of donors with legacy-sized potential. There is no change to human behavior because these life insurance policies would otherwise lapse. Insuring A Better World Fund equips charities with the right tools to easily get donors started on the process.

The Donor Wins:

Eliminate life insurance premiums! Cash flow improves immediately. Once a policy is donated to Insuring A Better World Fund, donors are not responsible for premium payments or any other cost of the policy. Donors may also be entitled to a sizable charitable tax deduction at the time of the gift for the full value of the policy. *

Giving while living! There is no better way to celebrate outliving the need for life insurance than to benefit a favorite charity. Insurance works on the law of large numbers. A single charity cannot aggregate enough life insurance policies to achieve actuarial credibility. Insuring A Better World Fund aggregates policies from all charities into distinct large portfolios of policies. Funds are distributed from this large portfolio of policies on a pro rata basis, allowing for distributions to charities while the donor is alive. The charity the donor chooses is able to recognize the gift upon donation.

Leaving a Legacy! Everyone leaves a legacy, the values the donor wants remembered and carried on after their passing. This is an opportunity to make a lasting impact by supporting a charity working on a cause that fulfills that legacy. The best part is neither the donor nor the donor’s chosen charity pays a dime.

The Financial Advisor and Planned Giving Professional Wins:

Value to the client! Offering a charitable alternative to lapsing a policy is a new and no-cost conversation to have with clients and transforms an unsatisfied client into a delighted donor. The client may also be entitled to a charitable tax deduction based on their policy’s full fair-market value. *

Income! Policies that are donated earn continued renewal commissions. Financial advisors are able to earn first year term conversion commissions. Working alongside donors and boards of the charities that benefit from the good work of securing these donations is a great source of new business.

Job Satisfaction: Research proves that doing well while doing good increases job satisfaction and one’s sense of self-worth. Financial professionals that work with Insuring A Better World Fund will have a lasting impact on charities and therefore the world. Financial professionals feel good about this philanthropic work.

In addition, the financial professional gains valuable prestige and influence in the industry that helps build their business. Think of the leaders of the life insurance industry. Look at the leadership at Finseca. Think of the leaders of any industry. All are admired and celebrated for their philanthropic acts. Be involved. This is the life insurance charity for life insurance professionals. Let’s do the industry proud!

The planned giving professional meets the donor where they are. With over 250,000 seniors lapsing their policy every year, the opportunity for the planned giving professional to satisfy their donors’ intent increases exponentially. Now it’s easy to have this no cost ask lead to more conversations, visits and donations. It’s easy to build good will with the donor base by allowing them to turn waste into a legacy sized gift recognized by the charity.

Here is a link to a list of some of the many charities who have benefitted from a gift of life insurance to Insuring A Better World Fund: https://www.iabwf.org/our-mission-in-action/

We’re at the post. Riders up. We can all win the triple crown together. It is only with your participation that we will all be successful in ensuring a better world for us all.

Where Have We Been

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Spreading the Word 

Insuring A Better World Fund’s founders, David Simon and Robert Stuchiner, have been traveling coast-to-coast to share its mission to reimagine the collaboration between the life insurance industry and charitable giving, and maximize the value of charitable gifts of life insurance. David and Robert have spoken to a variety of financial and charitable professionals. These groups and events include First Financial Resources’ Insurance Insights Podacst, The Dallas Chapter of Financial Service Professionals, Finseca Forum 400, and the Planned Giving Council of Palm Beach County. Thank you to all who listened to these compelling presentations. By spreading the word, we hope to emphasize the importance of promoting life insurance as a source of charitable gifts and help bridge the gap between financial and charitable professionals. 

If you have a group who could benefit from hearing more about this topic, please contact us at (312)819-0790 or email ds@iabwf.org. Also, David and Robert’s next speaking engagement is at Finseca’s Advanced Markets 2023 on March 22nd in Washington, D.C.

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.

View Obituary »

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.

View Article »

Upcoming Webinar: Society of Financial Service Professionals

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The Kevin O’Connor Philanthropic Innovation Case Study.

Insuring A Better World Fund co-founders David Simon and Robert Stuchiner will be featured in an upcoming webinar to the Society of Financial Service Professionals on September 14th. The session will address how financial professionals can help clients achieve their philanthropic goals and legacies through the no-cost donation of unneeded life insurance. Attendees will learn the logistics of donating a policy, the benefits of philanthropic intent, and how working with charitable organizations can be of benefit to clients and financial professionals. Following a case study format, the life and legacy of Kevin O’Connor, CLU® will be discussed, and how the Insuring a Better World Fund helped O’Connor have a lasting philanthropic impact at the Society of Financial Service Professionals.

Upcoming Webinar: Foundation for Appalachian Ohio

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How Donors can Donate An Unwanted or Unneeded Life Insurance Policy at No Cost!

Insuring A Better World Fund’s president, David Simon, will be featured in an upcoming webinar to the Foundation for Appalachian Ohio on August 25th. The event will address how charities can receive millions of dollars in charitable donations at no cost from life insurance policies, the benefits of philanthropic intent and how working with charitable organizations can be of benefit to life insurance professionals. The life and legacy of Insuring A Better World Fund’s first donor will be discussed, and how this innovative alternative helped him make a lasting philanthropic impact at the charities of his choice.

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.

NCPP Baltimore 2017 – $1,000 Donation Raffle Winner National WWII Museum

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Pictured IABWF co-founder David Simon presenting a $1,000 donation to Abbie Sumners of the National WWII Museum.

David’s father, Sheldon, of blessed memory, served in the war and several members of his family were killed in the Holocaust.  This war plays a unique role in our world’s history.

These are lessons and people that can never be forgotten. IABWF’s fulfills its mission to support veterans and education, blended into this great museum.

“Ranked by USA Today as the #1 best place to learn US military history and designated by Congress as America’s official museum features a rich collection of artifacts that bring history to life”. IABWF is proud to support our National World WWII Museum.

NCPP 2017 Baltimore – Compassion International $1,000 Raffle Donation Winner

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Compassion International was a $1,000 NCPP donation winner. David Simon is pictured handing over the check to Sheri Hudson.

Sheri Hudson was our happiest winner. The charity focuses on children and poverty. This charity speaks directly to the IABWF mission.

We look forward to the opportunity to work with Compassion International, helping them serve more impoverished children throughout the world. We agree with Compassion International, poverty is not being poor. Poverty is the lack of hope. It is with our hope that this donation is happily given.