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• receiving a tax credit either during your lifetime, when the life insurance policy premiums are paid, or at death, when the bequest is made;
• the ability to provide a much larger gift to the charity than may otherwise have been possible;
• the cost of the gift can be provided out of current income rather than being taken away from your family's share of the estate; and,
• the satisfaction of implementing the program now.

• receiving a much larger gift than it may have received otherwise;
• knowing of the existence of the gift in advance to allow for some planning;
• where the policy is transferred to the charity and paid-up in a short period of time, knowing that the gift is fully guaranteed and not subject to being delayed in estate administration; and,
• where the policy is transferred to the charity, being able to receive policy dividends (if any) and to borrow against the cash value of the policy before the donor's death.
  There are three common methods of providing for a legacy through the use of a life insurance policy. In each case, the charity will receive the proceeds of the life insurance at the time of your death. However, the tax consequences for each method differ. Therefore, careful planning is necessary to maximize the benefits available to yourself, your heirs and your chosen charity.