You can designate Compassion as a beneficiary through a life insurance policy or through your IRA/retirement plan. Designating Compassion as a beneficiary is one of the simplest, most convenient ways to introduce impoverished children to Jesus and help them step into brighter, more joyful futures.
Life Insurance Policies
When giving through a life insurance policy, you can designate Compassion as a beneficiary or as an owner and beneficiary.
When Compassion is a beneficiary of your policy, you still own the policy. For example, if your life insurance is a whole life policy, you will still be able to use the policy for your needs such as borrowing on or cashing in the policy. Your decision can be altered, and your estate will receive a tax deduction at the time of the ultimate gift.
When Compassion is the owner and beneficiary, you make an irrevocable decision for Compassion to own the policy. You’ll receive a tax deduction for your paid premiums, depending on whether the policy is paid up or not.
For more details, download the PDF on life insurance policies.
IRA/Retirement Plans
Similar to giving through a life insurance policy, you can designate Compassion as the beneficiary of a percentage of or all of your IRA or retirement account.
When Compassion is a beneficiary, you still own the policy and can change beneficiaries as you like. You can designate the dollars to go anywhere within Compassion. These designations can include ensuring that your sponsored child is cared for during his or her Compassion career.
For more details, download the PDF on IRA/retirement plans.
Your Next Steps
- Download information on planned giving through life insurance policies and IRA/retirement plans.
- Contact the Gift Planning Department at (855) 315-5019 or [email protected] to discuss ways to become a Legacy Donor.
- Seek the advice of your financial or legal advisor.
- If you include Compassion in your estate plans, use our legal name and Federal Tax ID.
Legal Name: Compassion International Inc.
Address: 12290 Voyager Parkway, Colorado Springs, CO 80921-3668
Federal Tax ID Number: 36-2423707
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.