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Giving to Charity
Each year, people donate their hard-earned money to causes and foundations that matter to them and their families. This generosity of spirit is something that shouldn't be stopped by yours or a loved one's passing. Many charities will lose out on those contributions when a donor passes away, but it doesn't have to be that way if you make the proper preparations for those causes that are near and dear to your heart.
You can actually buy a life insurance policy that will create the annual gift that you make to a charity each year. For example, if you usually give $50,000 to charity each year, you can buy a life insurance policy for $1 million. At age 70, if you are in good health, that could cost as little as 18,000 a year to set up a policy that will support your favorite charity after you pass away. If you usually give away $100,000 a year to charity, purchase a $2 million life insurance policy. At 5% interest, that will create the $100,000 yearly donation you would usually give.
If you continuing to give after death is something that matters to you, consider setting up a system like this to provide for the cause that matter to you most.
The Howard Kaye Insurance Agency deals with financial matters like estate planning, asset protection, 401K and IRA solutions to help you create and preserve your wealth. For more information, please visit howardkayeinsurance.com or call 1-800-DIE-RICH (343-7424).
These informational materials are not intended, and should not be taken as financial advice on any particular set of facts or circumstances. You should contact a professional investment advisor for advice on specific financial circumstances. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the television station.