Each year, NRA Ring of Freedom Heritage Society Ambassadors Robert and Sharon Callan were making cash gifts totaling $5,600 in support of the National Rifle Association. With retirement a mere six years away, they knew they would not be able to sustain the gift levels they were accustomed to, but they still wanted to make a more substantial legacy gift that spoke of their values and supported their favorite NRA programs.
The Callans applied and qualified for a joint life insurance policy that covered both of their lives. For the next six years, the Callans will make their usual annual tax-deductible gifts of $5,600 in support of their life insurance premiums. At the end of six years, they will have fulfilled their premium obligations just in time for retirement. Later, as the passing of the last spouse, the NRA charity of their choice will receive a charitable life insurance benefit of $275,000, ultimately the equivalent of over 49 years of annual giving at their current level.