Their booth was very active when Select Life Settlement Corporation exhibited at the Association of Fundraising Professionals’ Philanthropy Day for Charities last Friday at the Long Island Marriott in Uniondale. Select Life Settlement Corporation was discussing with non-profit organizations the unique benefits of adding life settlements to their planned giving programs.

A life settlement involves the purchase by a third party of a life insurance policy which has become unnecessary or unwanted to the policyholder.

“Because the death benefit of a life insurance policy is generally many times the premiums paid, gift dollars can be leveraged. Charitable gifts of life insurance can also reduce or avoid completely some combination of income, estate, gift or capital gains taxes,” commented Steve Shorrock, Co-Managing Director. “There are varied ways to utilize the advantages of using life insurance for charitable giving.”

To better illustrate the power of life insurance in charitable giving, below is an actual example:

A religious foundation owned a $500,000 life insurance policy. The policy had little cash surrender value and a loan against it. The foundation decided it was no longer feasible to continue to make premium payments. Rather than surrender the policy for $5,632, they opted for a life settlement in the amount of $40,000--over seven times the cash surrender value.

Here are several possibilities that illustrate the benefits of using life insurance policies in charitable giving:

• Sell an existing life policy, through a life settlement, and donate the proceeds to a charity.

• Buy a new policy on your life or another family member and make a charity the owner or beneficiary.

• Give an existing policy to a charity, making a charity owner of the policy.

• Change the beneficiary of an existing policy to a charity.

• Gift life insurance policy dividends to a charity.

• Direct a highly valued taxable asset to a charity and replace the value of the asset with new life insurance.

Located in Northport, Long Island and Bellaire, Texas, Select Life Settlement Corporation provides innovative life settlement brokerage and insurance consulting services. You can reach us at 631-239-6656, 713-557-9443 or www.selectlife.net