An examination of your life insurance needs can highlight ways to support the ministry of your choice while not decreasing the balance in your checking account.
Consider using a life insurance policy that you no longer need as a charitable gift. To receive a charitable deduction, name The Foundation as both the owner and beneficiary of the policy. If the policy has a cash value, you can take a charitable deduction approximately equal to the cash value of the insurance policy at the time of the gift. In addition, if you continue to pay the policy’s annual premiums, those payments may be tax deductible each year.
Alternatively, you can make The Foundation the beneficiary of your life insurance policy and provide us with instructions regarding the use of the end-of-life insurance payment. The payment can be a gift to ministry or can create an endowment at The Foundation designed to benefit the church or ministry of your choice.
If there are still beneficiaries who need the proceeds of any life insurance you may have, consider making The Foundation the second, third, or final beneficiary. In the event your beneficiaries predecease you, then the life insurance would pass directly to The Foundation.
Contact The Foundation to explore how you can use an insurance policy to create a legacy for ministry.