How Giving Shapes Financial Lives on National Day of Giving
November 26, 2024
National Day of Giving, also known as Giving Tuesday, occurs every year following Black Friday and Cyber Monday. The day encourages people, who have most likely just finished shopping for themselves and their loved ones, to give back to others and promote the benefits of philanthropy and charitable actions. On National Day of Giving, altruism and kindheartedness prevail.
This year’s National Day of Giving will take place on Tuesday, December 3, and 1891 Financial Life encourages our members to consider participating in this meaningful initiative. Our team at 1891 Financial Life makes it easy for you to strategically integrate charitable giving into your financial planning, particularly through life insurance. By doing so, you’ll not only be able to enhance your philanthropic contributions but also enjoy the advantages of strengthening your financial portfolio.
The Impact of Charitable Giving on Personal Finance
Charitable giving, including financial gifts made through life insurance policies, allows you to maximize your tax benefits by reducing your taxable income. Making a generous donation to a charity close to your heart can also help you avoid capital gains taxes on appreciated assets. Donating the asset rather than selling it makes it possible to preserve its full value for the charity you want to support.
At 1891 Financial Life, we can help you expertly incorporate regular charitable giving into your financial strategy. Whether you are contributing to cancer research, your local Humane Society, or another organization that is meaningful to you, your contributions reinforce your personal values without compromising your financial stability.
As a not-for-profit life insurance company, 1891 Financial Life remains committed to helping our members give back to their communities through social, educational, and volunteer programs. To learn more about our not-for-profit’s Impact Team initiatives, please click here and get involved as you see fit.
Using Life Insurance To Support Charitable Giving
Often, our members approach us about their desire to leave a lasting impact and ensure that their legacy lives on long after they’re gone. To assist in this process, we outline how their life insurance policies can support one or more charities of their choice.
As a policyholder, you can consider the causes most important to you and how your contributions can enable local, national, or even international charities to connect with their target audiences, fulfill their missions, and nurture positive change.
Certain life insurance policies even include charitable benefit riders. These riders enable the policyholder to add a donation to a charity of their choice upon their death. Life insurance policies are such powerful tools for charitable giving, and financial and philanthropic planning is a selfless gesture that can inspire others to mirror your generosity.
Case Studies: Life Insurance and Philanthropy
Losing a family member causes families overwhelming grief, as stories from the Hoskins and the Kovacic families illustrate. With life insurance in place, families can find the support they need to carry on despite their tremendous loss. In fact, one of the best uses of life insurance is to support a charity that resonated deeply with them and/or establish a fund in their memory.
As a hypothetical example, suppose we have a member who has the charitable benefit rider included in their life insurance policy and is passionate about helping people facing hunger and food insecurity. With this rider, the member could designate a portion of the death benefit to a local food bank. 1891 Financial Life matches the donation of up to $2,500, increasing the support. The food bank uses the funds to provide more meals to those in need, creating a meaningful legacy in the member’s memory.
Another example could be an individual passionate about wildlife conservation who decides to use her life insurance policy to support her favorite conservation organization. By naming that organization as the beneficiary of her policy, she can donate a significant sum to a cause close to her heart. With this policy in place, she has a sense of personal fulfillment that speaks to the joys of giving back and making the world a better place.
How To Incorporate Giving Into Your Financial Plan
Before we help you incorporate financial giving into your plan, we’ll thoroughly assess your financial well-being. This involves reviewing your current needs and financial goals, plus discussing your charitable objectives in the short and long term.
By creating a plan that considers your circumstances and finances, we’ll help you make a confident, well-informed decision. Plus, our ongoing guidance and reassurance will help you maximize the impact of your donations so both you and your beneficiaries can achieve the most optimal outcomes.
Final Thoughts on National Day of Giving
Charitable giving not only shapes your financial life but also curates a future that reflects your values and priorities. As we quickly approach this year’s National Day of Giving, we encourage you to reflect on the charitable contributions you’d like to make not only this year but also in the years to come. We hope you’ll choose to observe National Day of Giving and work with your trusted team at 1891 Financial Life to accomplish all your philanthropic goals, whatever they may be.
By providing tailored insurance solutions that cater to your diverse needs, 1891 Financial Life is poised to help you navigate all your options. Contact us today for personalized assistance and to inquire about working with our knowledgeable, compassionate, and trustworthy team, who can help you confidently integrate charitable giving into your financial plan.
About 1891 Financial Life
Our culture is about looking out — for you, for others, for family, for the community. That is how we go “Beyond Life Insurance.”
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.