Gift of life insurance
A gift of life insurance is:
easy to set up and maintain with limited ongoing administrative obligations
separate from your estate, so it does not reduce the amount available to your family.
Step 1: Name CUSO-VSO as the irrevocable beneficiary
Step 2: Pay the annual premiums of the policy
Step 3: Receive a tax credit as these premium payments qualify as a charitable donation
Guidelines
You may deal with your own insurance agent and company directly, or you can request CUSO-VSO to provide information on agents and companies. CUSO-VSO has made arrangements with expert advisors to provide advice on request. Such information is provided to donors as a convenience only. CUSO-VSO does not accept any liability resulting from reliance on this information.
You should complete all required application forms for the issuance of a Permanent Life Insurance policy. These forms will be provided by the agent selected by the donor. If a medical examination is required, it should be carried out at the donor’s convenience and designated location, at the expense of the life insurance company.
Prior to the issuance of the policy, all relevant forms must be sent to CUSO-VSO for approval to ensure that all guidelines have been followed.
The policy can be new or already existing.
CUSO-VSO recommends that a waiver of premium in case of disability be included in the Policy. At the donor’s option, a double indemnity in case of accidental death may also be included as part of the benefits under the Policy.
The policy should normally be permanent whole life policy – either a single premium payment policy or one requiring only a fixed and limited number of annual premiums. Depending upon the preference of the donor, the policy could be structured in order that the premiums cease after a period not exceeding seven to ten years after the issuance of the policy.
CUSO-VSO will be designated as owner and irrevocable beneficiary, and the policy will be held in safekeeping by CUSO-VSO in accordance with procedures established by its auditors.
For more information, feel free to call us toll-free at 1 (888) 434-2876, ext. 222 or e-mail us at support@cuso-vso.org.
