Plan a future gift
Life insurance
Naming an organization as beneficiary of a policy, or proposing a policy transfer for review.
Understand the route
How this gift works
There are two distinct proposals: name a charity as a policy beneficiary while retaining ownership, or transfer policy ownership to a charity that accepts it. A beneficiary designation is a future gift; an ownership transfer changes who controls the policy now. Existing loans, premiums, benefits and family needs should be reviewed before either change.
Background: American Red Cross: beneficiary and ownership routes
Who does what
- You review the policy and your goals with qualified advisors.
- The insurer processes the official beneficiary or ownership change.
- The organization reviews an ownership proposal or later claims a beneficiary benefit.
These guides describe giving in the U.S. The receiving organization’s policies and your provider’s current instructions set the actual process.
Who this may fit
Policy owners reviewing legacy goals.
Before you begin
Gather these details before starting the process. You do not need to have every answer before talking with the organization.
Check off the details you have ready. This checklist stays here while this page is open.
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The route at a glance
- Review the policy with qualified advisers.
- Confirm the organization's acceptance policy if ownership may transfer.
- Use the insurer's official forms and retain confirmation.
From intention to confirmation
The process, step by step
Step 1 of 5
Review the existing coverage
Ask your insurance and financial advisors what needs the policy still serves. Obtain current information rather than relying on an old statement or illustration.
Choose which route to discuss
Distinguish a beneficiary change from an ownership transfer. Ask who retains control, who pays premiums and when a charitable benefit would occur.
Confirm acceptance when needed
If proposing ownership, ask the organization to review the specific policy before signing an assignment. Agree how future costs and possible surrender would be handled.
Use insurer forms
Complete the correct official beneficiary or ownership process using verified recipient information. Have your advisor review any irrevocable designation, loan or assignment issue.
Check the recorded change
Obtain insurer confirmation. If ownership transferred, also confirm the organization received and accepted it; if only the beneficiary changed, retain your own policy-management responsibilities.
These steps keep your place in the guide. Confirm progress with the organization and provider.
Make the next conversation easier.
Choose who you are speaking with. Copy these questions into your own message, or bring them to a call.
Nothing is sent from this page. Review the wording before sharing. Use the organization’s secure process for private documents.
Browse every question by contact
Ask the organization
- Do you accept policy ownership, or only beneficiary designations?
Ask the provider
- Which form changes the beneficiary?
- Are premiums or loans involved?
Ask your advisor
- Is a beneficiary change or an ownership transfer the better fit?
Confirm it. Keep the records.
Confirm with the insurer which change was recorded. Naming a future beneficiary and transferring current ownership are different outcomes with different records.
- Current policy information used for review.
- Accepted beneficiary or ownership-change confirmation.
- Any gift acceptance, premium agreement and acknowledgment.
Important distinctions
- Changing a beneficiary and giving away policy ownership are not equivalent tax or control events.
- Do not promise the organization a policy without discussing outstanding loans, future premiums and its acceptance policy.
Check the applicable rules: American Red Cross: beneficiary and ownership routes
A few more useful answers
Can I retain ownership?
A beneficiary designation can allow you to retain ownership, subject to the insurer’s rules and any irrevocable terms. Confirm control and amendment rights before proceeding.
Will the charity keep the policy?
Ask before an ownership transfer. A recipient may surrender or otherwise manage a policy according to its acceptance agreement; your expectations need to be explicit.
Read the sources
Sources checked October 9, 2026. IRS references describe U.S. rules. Named organizations and providers are examples of their own processes; each organization sets its own policy.
Before acting, confirm current instructions with the recipient and relevant provider. Discuss personal tax, legal and financial questions with your own advisor.