Life Insurance Policy
Let your kindness live on.
Memorialize Your Compassion
Making Mercy For Animals a beneficiary of your life insurance policy provides the organization with generous assets while memorializing your compassionate voice for abused and suffering farmed animals. There are several ways to do it.
Below are the different ways to make Mercy For Animals a beneficiary of your life insurance policy.
1. You can make Mercy For Animals a beneficiary of an existing life insurance policy upon your passing and the full amount of your policy will be given directly to Mercy For Animals. Please use the information below when filling out forms from your employer or insurance company:
- Mercy For Animals' legal name: Mercy For Animals, Inc. (not MFA)
- Mercy For Animals' mailing address: 8033 Sunset Blvd., Ste. 864, Los Angeles, CA 90046
- Mercy For Animals' federal tax identification number: 54-2076145
- “Charity” as your specified relationship to the beneficiary
2. You can designate Mercy For Animals a beneficiary or owner of an existing paid-up life insurance policy; accordingly, you can deduct an amount equal to the fair market value, or your cost basis, of the policy from your income tax. You can either give the cash value of your life insurance policy to Mercy For Animals, or retain the policy until your passing. Because Mercy For Animals becomes the owner or beneficiary, the proceeds will not be included in your estate for tax purposes.
3. Many employers provide life insurance policies to their employees as excess coverage. Most workplace life insurance policies require you to pay income tax on the cost of coverage over $50,000. However, if you donate your life insurance policy to Mercy For Animals, the extra tax is waived and you are free of any premiums.
4. Making Mercy For Animals the beneficiary or owner of a policy on which you are paying premiums enables you to deduct the amount equal to the cash value of the policy or the policy’s cost basis from your income tax. Because Mercy For Animals becomes the owner or beneficiary, the proceeds will not be included in your estate for tax purposes.
Please consult with your attorney or professional advisor to ensure that your plans are in compliance with all applicable laws.