Chart for gift of insurance proceeds

Step-by-step Chart - Gifts of Life Insurance ProceedsApproved by and/or signaturesDate CompletedNotes

Develop gift acceptance policies

Board of Directors

When approached at the time of being named the beneficiary, advise donor to obtain independent professional advice.

Donor's life insurance agent, financial planner

Give charity's correct legal name to donor and to agent.

Notify the donor of any charity contact or address changes

On the death of the donor, issue a tax receipt to the donor's estate for the proceeds received under the policy.

Indicate on receipt that it represents cash value of the life insurance policy donated, with the insurance company's name and policy number.

On death of the donor, notify the life insurance company so they know the death benefit is payable (and where to send it).

Life insurance company will require death certificate before releasing proceeds. Ask executor to supply.

Last modified: Monday, 4 February 2013, 9:56 AM