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If you have a life insurance policy that has outlasted its original purpose (providing for a spouse or dependent children), you can use it to make an easy and effective gift to ministry.
Outright gift - Make an absolute assignment (gift) of your policy to the Foundation using a form obtained by your insurance company. Once completed, we'll either cash in the policy immediately for its cash value, or we'll hold the policy to maturity while you receive further tax deductions by making premium payments through us. Either way, you decide the church or ministry where your money will go.
Beneficiary designation - Simply designate the Foundation as the full, partial, or contingent beneficiary of your life insurance policy, and then contact us to discuss the church or ministry you would like these assets given to upon your death. You'll continue to own and make use of the policy during your lifetime. Visit this link for more information on Beneficiary Designation Gifts.
**Note: 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.