You Don’t Need to Be Wealthy to Leave Money to Your Church
Your church has been an important part of your life – a community of friends who support each other in
countless ways. Have you considered a gift that will live on after you, continuing the work you cherish? You don’t
need to be wealthy to leave money to your church. By gifting life insurance, you can contribute far more than might
otherwise be possible – it's a way to continue your stewardship and make a difference even after you’re gone.
There are several ways to make a gift of life insurance to your church:
Purchase a life insurance policy and name your church as the beneficiary and "owner."
You pay the annual premium, which you can deduct from your income tax as a charitable gift. On your death, your church
receives the life insurance benefit free of any taxes.*
Gift an existing policy to your church.
If you have a life insurance policy that you no longer need, consider giving it to your church. You may
receive an income tax deduction in the year of the gift, as well as for future premiums that you pay.*
Name your church as beneficiary on your policy for either all or a portion of the death
benefit.
You will still own the policy, and so you will continue to have access to any cash value. Although this approach
may not provide a federal income tax deduction in the current year, your estate may receive an estate tax reduction
for the amount of the death benefit that you bequeath to your church.*
Consider the Advantages
Making a gift of life insurance offers a number of important benefits:
Your church receives the life insurance benefit.
You receive a possible income tax reduction for paying the annual premium when you name the church "owner"
of the policy.*
You create a legacy for the congregation you love.
Gifting life insurance helps you achieve your charitable goals today while promising a legacy for the future.
If making a gift of life insurance appeals to you, contact the business manager of your church to talk it over.
The business manager will not only be aware of long-range funding programs that will make the most of your gift but also
be able to provide additional insight.
Your Western & Southern representative can provide you with more information about our church charitable giving program. Contact us for more information.
*Information provided here is
general in nature and is not meant to offer tax advice. You should consult your
own tax advisor for more complete information.
