At Goodman Insurance Inc. in Shelton, CT, we’ve seen how personal and challenging it can be to choose the proper beneficiary for your life insurance policy. For many folks, this can be one of the most challenging choices to make surrounding their legacy planning, finances, and passing.

Suppose you have a cause that you believe in deeply or want to support. In that case, you might wonder if donating your life insurance benefits to your favorite charity, non-profit organization, or foundation is possible. When you want to make a difference in the world with your life insurance benefits, the first step is figuring out if it is legal and, if so, if it is a possibility for some policies.

What is a life insurance policy?

A life insurance policy is essentially a contract between you as a policyholder and your insurance provider that indicates that they will pay out a death benefit in the form of a lump sum to whomever you list as your beneficiary when you pass in exchange for the premiums you pay.

While coverage, specifics of policies, and eligibility to file a claim vary, most life insurance policies function similarly in this way.

Can I list a charity or other organization as my beneficiary on a life insurance policy?

Yes, you can list a charity or other organization as the beneficiary for your policy if you list their name and contact information. You can also list a charity to receive a percentage of your death benefit and other beneficiaries to receive the remaining portion.

If you want to see how we could help you continue doing good after your death through your life insurance policy, call our office at Goodman Insurance Inc. in Shelton, CT today!