Through a Charitable Insured Annuity arrangement, you purchase a commercial annuity from a life insurance company and then use part of the monthly annuity payments to pay the premiums on a life insurance policy that has The OHF as the owner and beneficiary. On your death, The OHF receives the proceeds of the life insurance policy.
With this type of arrangement, you receive income from the annuity as well as tax credits for the insurance premiums you pay. You can use the tax credits to offset tax payable on your income and thus have a higher after-tax income. It is even possible to then use the increased income to fund premiums on an additional life insurance policy that names your heirs as beneficiaries. In this way, both your heirs and the charity will receive a benefit in the future.
The Charitable Insured Annuity is an irrevocable gift, therefore it is imperative that you speak with your financial advisor(s) to determine if this is the right planned giving vehicle for you.