A gift of life insurance to charity may allow a donor to make a substantial gift cost-effectively. A policy through Pharmacists Mutual can provide money directly to a charity, like the Wisconsin Pharmacy Foundation, creating a legacy for your charity of choice. A donor has three basic choices in making a charitable gift of life insurance:
- The donor may give an existing policy to charity in which case all incidents of ownership should be assigned to charity and the charity named as policy beneficiary.
- The donor may apply for a new policy on his/her life, with the charity as the original policy owner and beneficiary, subject to state insurable interest laws.
- The donor may designate a charity as the beneficiary of an existing policy that he or she continues to own if no income tax advantages are sought.
In situations (1) and (2), the donor may continue paying the premiums or make annual gifts to the charity to enable it to pay the premiums.
Contact Wisconsin representatives, Jerry Laridaen and Zach Pittsley, or visit the Pharmacists Mutual website for more information about how working with Pharmacists Mutual can support PSW and the Wisconsin Pharmacy Foundation.
Pharmacists Mutual Insurance Company
PSW has worked with Pharmacists Mutual Insurance Company for more than 30 years. Several Wisconsin pharmacists, including several PSW past presidents, have served on the Pharmacists Mutual Board of Directors over that time. As a mutual company that specializes in serving the pharmacy market, Pharmacists Mutual puts its pharmacist policy holders first. Starting as a Midwest company, Pharmacists Mutual now serves pharmacists in all 50 states. They provide business, personal, and professional insurance products and services.