Is a life insurance gift a good idea?

Author	Message
Written on: 29.10.2009 [14:03]
Zara Zara Topic creator Posts: 4	I'd like some advice on the best way to use the 'power' of my life insurance payout. I'm still alive, so this is for the future, but can I donate a life insurance gift?
Written on: 30.10.2009 [10:55]
Anabel Anabel Posts: 1	Can you be slightly clearer regarding exactly how you wish to 'give' your life insurance as a 'gift'? I guess from the way that you have mentioned 'power', 'payout' and 'donate', you are considering arranging for the money your insurance company pays out on your death to be given to a charity?In this case I am sure you could arrange for the charity to be included in your policy as your survivor, receiver, or whatever the specific terminology demands. If you want to give the money to someone specific as a gift, I think the same arrangement stands. Or are you interested in the tax rules of gift giving?
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Written on: 10.11.2009 [14:42]
Chloe Chloe Posts: 4	Which life insurer are you with? You could check whether they allow you to give such a gift away. Where you planning on giving your life policy away whilst you were still alive in order to claim an income tax deduction, as I have heard this is very common? Or were you planning just to name a charity as your beneficiary?