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At The Smith Insurance Group Inc. in Sandy, UT, we help our clients prepare for all stages of life. From ensuring that your house is covered as you raise your kids to preparing to provide for your loved ones at the end of life, our policies are designed to ensure your family is ready for anything life throws at you. While many life insurance policyholders opt to list a family member, spouse, or close friend as a beneficiary for their life insurance policy, others may want to leave a legacy behind and support their favorite charitable cause. If you list an organization, such as your preferred charity, as a life insurance beneficiary, you might worry that it won’t be possible. While there are some limits on what we can and can’t do with life insurance policies, there may be some wiggle room to have an unconventional life insurance beneficiary.
Can I Donate My Death Benefit to a Non-Profit?
Similarly to naming loved ones as a beneficiary of a life insurance policy, you can add a non-profit organization or charitable organization to your life insurance policy as a beneficiary. If you’d like to divide your life insurance benefit between family members and a charitable cause, you can list multiple beneficiaries for your life insurance policy. If you list a charity as a life insurance beneficiary, you’ll want to notify them so they can contact your insurance company in case of your passing. Adding a charity as a beneficiary is sometimes restricted, so you’ll want to review your policy with our agents.
For more information about our life insurance policies, call The Smith Insurance Group Inc. in Sandy, UT!
