Giving Back in 2024
December 7, 2023
When you hear the word "philanthropy," you may think of wealthy individuals giving millions to a cause. However, anyone can be a philanthropist by giving to a charitable organization, even if the sum is small. Even if you can't donate now, you can use life insurance to support altruistic organizations with a charitable rider, allowing you to leave a lasting legacy for many years to come, and for pennies on the dollar.
Explaining Modern Philanthropy and Life Insurance: Giving Back in Today's World
The 20th century laid the foundations of charitable giving as it exists today. Many modern foundations emerged after World War I, giving Americans an easy way to support worthy causes. And support they did — with a handful of exceptions, philanthropy has increased each year over the past half-century.
If you don't have spare cash at the moment, you can still contribute. The most important thing is to ensure your donations make a significant impact. Research organizations to verify your donation goes primarily toward charitable works rather than administrative overhead.
While direct monetary donations are common, there are other ways to contribute:
- Volunteering
- Donating stock
- Gifting vehicles
- Setting up a trust
- Designating a charity as a life insurance beneficiary
Enhancing Philanthropy Through Life Insurance
Life insurance primarily safeguards beneficiaries' financial futures, but the charitable rider from 1891 Financial Life allows you to support a philanthropic organization with a portion of the benefit payout. This approach provides resources to worthy causes without cutting into a tight budget. Additionally, you have complete control over the percentage of funds going to the charity, which may allow you to donate more than you could otherwise. For your benefit today, there may be tax advantages.
To learn more about how to make a lasting impact with your death benefit, contact us today.
About 1891 Financial Life
At 1891 Financial Life, we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. In 2023, 1891 Financial Life was listed by Forbes as one of "The World's Best Life Insurance Companies."
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.