Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to Episcopal Church Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Episcopal Church Foundation. 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
- If your preferred Episcopal charity or parish retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that they can pay the premiums
- If your preferred Episcopal charity or parish cashes in the policy, you will be able to see firsthand how your gift supports their charitable work
- If your preferred Episcopal charity or parish retains the policy to maturity, or you name your preferred Episcopal charity or parish as a beneficiary, once the policy matures, the proceeds of your policy will be paid to your preferred Episcopal charity or parish so that they can use the proceeds to further 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 Episcopal Church Foundation 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 your preferred Episcopal charity or parish know if you have already named them as a beneficiary of your life insurance policy. They would like to thank you and recognize you for your gift.
You can also designate Episcopal Church Foundation 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 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.