Gifts of Life Insurance
Life insurance is an excellent way for many persons to give. There are a number of different ways you can give life insurance to benefit the Church. The giving of life insurance policies, and/or death benefit, provides a way to make a low cost gift to the Church when that had seemed impossible otherwise.
Life insurance is often purchased to protect young family members when there is a great need for its protection. Years later, the children may be raised and the debts paid off. If the insurance is a permanent policy and there is no longer a need for the death benefit, the Church or Foundation could be named as owner, beneficiary, or both. The method of gifting will impact your tax benefits.
This is an excellent way to assure funding a gift to the Church when other financial reserves may not be available. Another alternative is to name the Church as a secondary beneficiary. For example, name your spouse as primary beneficiary, and if they do not survive you, the Church would receive the proceeds as second beneficiary. There are many variations to this planning idea.
Many gifting arrangements are available with life insurance, which can have significant tax benefits to the donor. Click here to contact us
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