There is approximately $20 trillion of life insurance in force in the United States and almost 9 in 10 policies will end without providing death benefits to the policy owner or charity. The same life insurance products we sell that protect families from unforeseen tragedies – policies that are often wasted when policy owners stop paying the premium – can now help cure disease, educate children, support the arts, alleviate poverty and ensure a better world for us all.
Donating a life insurance policy through Insuring A Better World Fund is a simple, easy, and no cost alternative for your clients who are considering lapsing their policy.
There is no expense for attending physician statements or life expectancy reports. You identify the donor and we can do the rest.
Donating a life insurance policy allows clients the opportunity to benefit themselves and charity, a simple way to create a delighted donor from an unsatisfactory situation. This is a new and no cost alternative to discuss with your client. Additionally, donors may be entitled to a charitable tax deduction based on the full fair-market value of their policies.*
This option can equate to continued renewal commissions from donated policies and term conversion commissions from donated policies that are converted from term to permanent. Working alongside donors and boards of the charities that benefit from your good work securing these policy donations is a great source of new business for you as well.
Studies have shown that doing well while doing good increases job satisfaction and one’s sense of self-worth. You can feel good about the impact that your work is having on the world and build your business during the process. Using your business to support charities will simultaneously help you to build prestige and influence in the industry.
In general, any owner (i.e., individual, trust or corporation) of a life insurance policy where: (i) the insured is aged 65 years or older; (ii) the policy has a death benefit of $250,000 or greater; and (iii) the policy was purchased more than three years ago. There are exceptions which may expand the eligibility.
No. Insuring A Better World Fund utilizes its management’s years of experience and expertise in underwriting and evaluating life insurance policies. We evaluate policies offered for donation to determine whether charities would benefit from the donation.
All types of life insurance policies, including whole life, term, universal life, survivorship life, group life, etc.
Insuring A Better World Fund does. Neither your clients nor their chosen charities are responsible for paying any future premium or other costs of donated polices. Donors choose; Insuring A Better World Fund pays; and charities receive the benefits.
Yes. Donors choose the charity they wish to benefit. Our Board of Directors reserves the right to determine whether the charity is appropriate and maintains its charitable status.
Donors may be entitled to a charitable deduction* based on the full fair-market value of their donated policies as calculated by a qualified, independent appraiser.
*Please note that we are not tax advisors and cannot give tax advice. Please have your clients consult with their tax professionals for their specific circumstance.
Insuring A Better World Fund is not a life settlement. We do not purchase life insurance policies. We are an IRC 501(c)(3) charity. There are no life settlement investors who demand a return for purchasing your client’s policy. Instead, there are charities putting your client’s policy proceeds toward good works. Insuring A Better World Fund makes donating unwanted life insurance to charities efficient and easy by (i) paying the premium and all other costs; (ii) aggregating donated policies to create a steady revenue stream for our supported charities; and (iii) distributing the net benefits to worthy causes.
Life Insurance professionals act on behalf of the client. If your client wants to sell the policy, sell it. The number of policies in force is so large that Insuring A Better World Fund does not have to change human behavior to be successful. A donation to Insuring A Better World Fund involves a much simpler and faster process than a life settlement and the benefits to professional advisors are many. There is no prestige associated with selling a client’s insurance policy to a for-profit corporation. Securing donations to a local or national charity raises the profile of the agent or professional, benefiting your business well beyond the short-term.