Life Insurance

Gifts of Life Insurance

An examination of your life insurance needs can highlight ways to support the ministry of your choice.  Do you own a life insurance policy that you no longer need?  Consider using it as a charitable gift to support your favorite United Methodist ministry.  

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 at the time of the gift.  In addition, if you continue to pay annual premiums, those payments may be tax deductible each year.

Beneficiary Designations

Another planned giving option concerning life insurance is to retain the ownership of the policy, while naming The Foundation as the primary beneficiary. 

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.

Consider the possibilities!

Please contact The Foundation to speak with us about the options offered through a gift of life insurance.  In addition to helping you to explore the possibilities offered by gifts and life insurance and through beneficiary designations, we will work with you to craft the instructions that will guide The Foundation after it becomes the Trustee of life insurance proceeds so that the ministry you choose benefits from your gift.

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

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