About Gifts of Life Insurance

Consider Life Insurance as an Alternative Way to Give to the Philharmonic
In recent years, more people are discovering how gifts of life insurance can be used to leverage the total value of a philanthropic donation to the Philharmonic. This can be an attractive way to redirect coverage associated with life insurance policies that are no longer needed to protect a spouse or family member. You should seek the advice of legal and financial consultants when considering a gift of life insurance, and we also invite you to contact us with any initial questions.

About Irrevocable Gifts of Life Insurance
When you make an outright gift of life insurance, you transfer ownership of a new or existing policy to the New York Philharmonic. You can transfer a policy that is fully paid up and take an immediate tax deduction, or transfer a policy that is not fully paid up – which will affect the total value of your gift.

About Revocable Gifts of Life Insurance
If you choose to retain ownership of your life insurance policy, you may not take any charitable deduction on your income taxes for the value of the policy or subsequent payments. However, you will retain the right to change the beneficiary. In this case, the value of the policy is included in your estate, and any proceeds paid to the Philharmonic would qualify for an estate tax charitable deduction.