Partners in Philanthropy: Professional Advisors and Community Foundations

Partners in Philanthropy: Professional Advisors and Community Foundations

In a year when charitable giving has skyrocketed, many individuals are seeking information on how to maximize their assets for the cause they care about most.  Financial professionals including wealth managers, retirement planners, personal bankers and philanthropic advisors are key resources for individuals looking to leave a legacy.

While methods of giving have increased in recent years from donor-advised-funds to impact investing, few individuals realize they may be on the verge of throwing away a legacy-sized gift that would cost them nothing to donate to their favorite charity: their unneeded life insurance policy.

88% of life insurance policies lapse without paying a death benefit. This untapped asset class holds billions of dollars in charitable funding that would otherwise go to waste as policy-owners decide they no longer need the coverage. Insuring A Better World Fund works with financial professionals and charities  to transform their clients and donors’ unneeded life insurance into philanthropic ideals at no cost.

We save lapsing policies and drive their value to charity. By donating an unneeded life insurance policy, donors can make legacy-sized gifts to their favorite charity with a simple, no-cost process. Upon donation, we pay all premium and other costs for donated policies to relieve donors and their selected charities from the financial burden of maintaining the policy. Donors choose. We pay. Charities receive.

Community Foundations: Catalysts for Change

  1. Community foundations are public charities that create grants, steward funds and identify community needs within specific geographic locations. The Council on Foundations confirms there are over 750 community foundations within the United States providing critical resources and community leadership. In 2017 alone, community foundations across the nation gave an estimated $5.48 billion to charitable causes.

    Many community foundations work closely with financial professionals of all types to create individualized giving plans for their clients. They provide experience in charitable gift planning as well as trusted nonprofit relationships within the donor’s community. Their position as nonprofit professionals and financial stewards makes them the perfect partner for professional advisors with clients who have philanthropic goals. 

  1. Interested in finding a community foundation near you? You can use the foundation locator from the Council on Foundation’s to search your area.

Find a community foundation near you!

Use the foundation locator from the Council on Foundations to search your area

How we work with Community Foundations & Professional Advisors

  1. As a financial professional, you are uniquely situated to help your clients achieve their philanthropic goals. We help you simplify charitable gifts of life insurance for your clients. Your level of involvement is up to you. We will work with you and your client together or with your client alone. From start to finish we provide:

1. Industry Experience

Insuring A Better World Fund’s unique method of aggregating hundreds of donated policies allows us to take advantage of the law of large numbers that insurance companies have relied on for years. In general, a single charity is not able to acquire enough policies within a portfolio to establish actuarial credibility.

Our leadership team uses their combined 70 years of experience in the life insurance space to maximize the value of charitable gifts of life insurance. We accept only those policies that have value to charity.

2. Nonprofit Accountability

Your clients can be confident that their donation will be distributed to their charity. We work with a third-party servicer and custodian to ensure transparency and accountability throughout the entire life of a policy. As a 501(c)3 nonprofit, Insuring A Better World Fund’s sole mission is to transform this untapped asset class into valuable charitable funding for decades to come.

3. Free Consultation

Not sure if your client’s policy qualifies? Our consultations are always free for you or your client. You can also view our resources for financial professionals to read more about our qualification process and what policies are generally accepted for donation.

Spotlight: Foundation for Appalachian Ohio

We spoke with Tracy Mann, Director of Professional Advisors at the Foundation for Appalachian Ohio (FAO), about the impact Insuring A Better World Fund had at FAO. Insuring A Better World Fund partnered with FAO to host a webinar for their professional advisors in Ohio that highlighted the no-cost opportunity of charitable gifts of life insurance for their clients. FAO is a community foundation serving the 32 counties of Appalachian Ohio that works to retain investments and increase opportunities for Appalachian Ohio communities by inspiring and supporting philanthropy.

Here is what Tracy had to say:

View our webinar with FAO that highlights the vast opportunity in the life insurance space for community foundations and financial professionals to benefit themselves and their clients/donors.
  1. “Insuring A Better World Fund makes it possible to receive a type of gift that otherwise would not be possible for us to receive. Through our partnership with Insuring A Better World Fund, our donors have the opportunity to donate their unneeded life insurance policies to FAO and/or its funds.

    Insuring A Better World Fund’s team has relevant, inspiring communications about their services. They bring the technical knowledge and the personal impact of charitable giving.  We have gotten great feedback from our professional advisors and fund representatives. They see it as an added gift option, increased investments for Appalachian Ohio and good feelings for donors.”

How do I get started?

  1. It is as simple as sending us a message or calling us. We will answer any question you have about our donation process and provide you with resources that will help you identify policies that are valuable as charitable gifts. If not now…when? Call us today at (312) 819-0790 or send us a message below!

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