Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to a ministry. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to a ministry you care about. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
- Receive additional income tax deductions each year that you make additional contributions so that the ministry can pay the annual insurance premiums
- At death, the proceeds of your policy will be paid to the organization and they will use the insurance proceeds to continue their charitable work
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include the ministry as the beneficiary of your policy.
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let the ministry know if you have already named a ministry as a beneficiary of your life insurance policy. They would like to thank you and recognize you for your gift.
You can also designate a ministry as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on the whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.