Life Insurance

A life insurance gift is a creative way to make a significant gift to a United Methodist ministry of your choice. 

Some advantages of using life insurance as an instrument of giving include:

  • You may qualify for income, gift and estate tax deductions.
  • Death benefits are paid promptly to the Foundation to fund the Trust you established.
  • Gifts of life insurance do not increase estate liquidity needs.
  • Gifts of a new or existing policy is ideal for those who want to make a major gift but may not have the financial means to do so.

Options of giving through life insurance include:

  1. Change the beneficiary of existing policy

    Simply complete a change of beneficiary form naming the UM Foundation of WV, Inc. as the primary beneficiary of your policy.  Because you retain ownership of your policy you do not receive an income tax deduction; however, your estate tax charitable deduction.
  2. Transfer ownership of existing policy

    You can donate your policy by completing a change of ownership and beneficiary form whereby the Foundation becomes the sole owner and beneficiary.  You will receive a charitable income tax deduction approximately equal to the cash surrender value of the policy.  Your continued annual premium payments can also be deducted as charitable gifts.
  3. Establish a new charitable life insurance policy

    You may wish to establish a new life insurance policy with the Foundation named as the sole owner and beneficiary.  The option allows you to determine the gift amount and choose the insurance company that underwrites the policy.  Each year you will receive a charitable income tax deduction for the premium you pay.

As you can see, life insurance offers tremendous flexibility for those who wish to include charitable gifts as part of their long-range financial and estate planning.  To summarize the benefits:

  • A life insurance gift is immediate.
  • A life insurance gift is convenient.
  • A life insurance gift is private.
  • A life insurance gift is economical.
  • A life insurance gift is flexible.

Charitable giving and life insurance have gone hand-in-hand for many years.  Today, as an asset owned by most American families, life insurance can offer a wonderful way to carry out your charitable intentions - especially in the case of an insurance policy bought a number of years ago and no longer needed for its intended purposes.

For more information about life insurance gifts or other planned gift options, contact us at 1-800-788-3746 ext. 45 or at info@umfwv.org

Consider the possibilities!

The Foundation does not give legal advise or tax advice. 
Always consult with your own advisors before deciding which gift works best for your circumstances.