Life Insurance - Financial Protection and a Nimble Gift
Life insurance is a powerful tool that plays an important role in your financial security. However, the role of life insurance in your plans may have changed over time. Perhaps your children are grown and on their own, or maybe you have transitioned to retirement. In any case, your need for the protection of a life insurance policy may have diminished.
Did you know that your life insurance policy could allow you to make a generous contribution to Sacred Heart Southern Missions at little or no cost to you - and can even provide you with tax savings? There are two different ways to make a gift of life insurance. The first provides greater flexibility for you, the second provides greater tax benefits.
Make Sacred Heart Southern Missions the Beneficiary of the Policy
Simply request a beneficiary change form from your insurance company and add Sacred Heart Southern Missions as the beneficiary. You can name us to receive a portion of the proceeds or the entire amount. Sacred Heart Southern Missions will ultimately collect the death benefit and use the proceeds to provide for our poor.
One of the advantages of this gift is that it preserves flexibility for you. Since you retain ownership of the policy you can alter your gift if your circumstances change.
Give the Policy to Sacred Heart Southern Missions
You can make a contribution by transferring ownership of the policy to us. Once we become the owner of the policy, it can be cashed in with the proceeds used immediately, or, if you are willing to continue to pay premiums on the policy, Sacred Heart Southern Missions can maintain the policy to maximize the future value of your gift.
If you name us as the owner of the policy you can take an income tax deduction for the current value of the policy and, if you continue to pay premiums on the policy, you can deduct those payments as well.
Life insurance has been an important part of your plans for financial security and today it might also be a nimble way to make a gift to provide for our future. Please contact our Director of Donor Relations Steve Koepke at 888.217.4829 or via email at firstname.lastname@example.org. to learn more about a gift of life insurance.