New York Life has added insurance to its charitable gift annuity program to make it more attractive to investors and charities like. Because the stock market’s performance has been so weak, not to mention increasing longevity, the obligation of charitable gift annuities to continue to pay donors an income for life has put undue financial risks on the charities that offer them.

Charitable annuities permit donors to take a charitable deduction on their taxes and, in return for their one-time donation, receive income for life.

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