Turning Policies Into Purpose: A Guide to Charitable Life Insurance Strategies with Joseph Galli

Episode Summary

In this episode of The Future Ready Advisor, Sam Sivarajan speaks with Joseph Galli, entrepreneur and founder of a medical foundation that’s reshaping how life insurance can fund philanthropy.

Joseph shares his personal journey into charitable work, how he created a foundation to fund medical research, and how he’s built innovative life insurance donation programs that combine financial planning, philanthropy, and tax efficiency. He also dives deep into the compliance aspects of these programs, the 310 rule, and how advisors can ethically and strategically guide clients in transforming unwanted policies into charitable legacies.

This episode is a must-listen for advisors seeking to expand their value proposition and help clients make a lasting impact.

Key Takeaways

· Joseph’s philanthropic journey began with personal family health challenges.

· His foundation funds medical research through non-traditional methods, avoiding gala-based fundraising.

· Life insurance donations can unlock major tax benefits while supporting meaningful causes.

· The 310 rule enables donation of term policies not originally intended for charity.

· Compliance is critical—ethical advisory practices are key to execution.

· Advisors can help clients monetize unwanted policies, converting them into charitable receipts.

· Philanthropy should be a core strategy in financial and estate planning.

· Life insurance gives clients a unique path to leave a legacy and support medical innovation.

Episode Chapters

00:00 – Introduction to Innovative Philanthropy

03:06 – Joseph Galli's Personal Journey and Foundation

05:48 – The Need for a Holistic Approach in Medical and Financial Services

08:56 – Building Sustainable Funding Models for Medical Research

11:45 – Understanding Life Insurance Donations and Tax Benefits

15:00 – Real-Life Examples of Life Insurance Donations

17:54 – Navigating Compliance in Philanthropic Endeavors

24:17 – Navigating Financial Dignity in End-of-Life Planning

26:55 – Compliance and Family Dynamics in Policy Donations

28:37 – Identifying Ideal Candidates for Charitable Donations

30:34 – The Role of Advisors in Policy Donations

34:11 – Philanthropy as a Cornerstone of Financial Planning

36:35 – The Future of Life Insurance Donations in Financial Strategies

Sound Bites

"We only do one in five policies."

"We have an IRR that we have to meet."

"This is a problem — this is an opportunity."

Featured Quote

"This is a problem — this is an opportunity."

— Joseph Galli, on recognizing how life insurance can be repurposed for philanthropy

Keywords

philanthropy, life insurance, charitable donations, tax benefits, medical research, compliance, financial planning, estate planning, Joseph Galli, Future Ready Advisor