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LIFE INSURANCE

Donate a paid policy or a new policy

Life insurance provides a simple way for you to give a significant gift to Galesburg Community Foundation with tax benefits that you can enjoy during your lifetime.

How it works

  • You make Galesburg Community Foundation the owner and irrevocable beneficiary of your life insurance policy—you can either give a paid-up policy or continue to pay premiums.
  • You receive a tax deduction for the approximate cost or fair market value, whichever is less. If the policy is paid up, you may receive an immediate tax deduction. If it is not, you can claim to continue tax deductions on premium payments you make directly or through gifts to the Community Foundation.
  • Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
  • Our professional program staff considers your charitable wishes and determines the community needs that would be most impacted by grants from your gift.
  • Our board issues grants in the name of the fund you establish (if you prefer, your awards can be made anonymously).
  • We handle all the administrative details.
  • Your gift can be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

More benefits

Giving life insurance through Galesburg Community Foundation is one of the simplest ways to make a significant contribution to your community and establish your legacy of giving. You can make a gift when life insurance is no longer needed for personal financial replacement. You may receive a number of tax benefits, including reduced income taxes and estate taxes. 

Sarah Grant

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To learn more about how a gift of life insurance can support the causes you care about, call Sarah Grant, Director of Development, at 309.344.8898.

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Galesburg Community Foundation

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Haley Sloss

Charitable Giving Coordinator

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309-344-8898

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info@yourgcf.org

Short Bio

Haley provides support to enhance the function and success of the Charitable Giving and Affiliate Teams. She ensures donors receive a personal approach to philanthropy through outstanding customer service by supporting charitable giving for donors and fund holders across the state.