Test your knowledge on the benefits and drawbacks of Life Insurance.
True
False
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Take out a new policy with the organization as owner and beneficiary.
Donate a current policy and keep up the premiums.
Both A and B are correct
None of the Above
Prompt, confidential transfers outside of the probate process.
Relatively simple, cost-free procedures for naming the organization as the beneficiary or assigning ownership of a policy to an organization.
Allows you to make a significant charitable gift that otherwise might not be possible.
None of the Above
It is a revocable arrangement for a future gift, not deductible for income tax purposes.
It is an irrevocable arrangement for a future gift.
It is tax deductable for income tax purposes
None of the above
Tax deductions on your income tax return for the premiums you continue to pay.
Death benefits to your heirs.
Both A and B.
It is not advisable to enter into a new life insurance contract with an organization.
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