Gifts of Life Insurance
Share your life with others and use your gifts to make a true difference in the community. Gifts of Life Insurance are some of the most convenient and effective ways to support your cause and the charities you love. Through the small annual cost of the policy premium, a benefit far in excess of what would otherwise be possible can be provided for charity. This sizeable gift can be made without impairing or diluting the control of a family business or other investments. Assets earmarked for family members can be kept intact.
Life Insurance can provide a great giving opportunity in simple ways:
- Name CFGP as beneficiary of your policy without changing the policy's ownership. Your heirs will pay no tax on the asset removed from your estate
- Donate your policy to CFGP and you will be entitled to charitable income tax deduction for the cash surrender value of the policy
- Or, ask about Charitable Giving Riders on your policy or plan
Benefits of giving Life Insurance:
- Simple: Once you decide to give the gift of life insurance, contact CFGP and tell us how you would like to build your legacy
- Private: The transaction is completely confidential
- Revocable: Change your mind in the future if your circumstances require
- Efficient: Gifts of life insurance allow you to make an incredible impact; one that is not dependent on income or cash flow. Make your greatest gift while receiving a tax deduction for a paid policy, as well as future deductions for premium payments
- Meaningful: You purchased a policy to take care of people you love, now incorporate the charities you love and the missions closest to your heart
Tip: The most tax-effective way to donate life insurance is to transfer the policy so that the charity becomes the owner and beneficiary. You are entitled to an immediate charitable deduction for income tax purposes. If you continue to pay the premiums, each payment is also a deductible charitable donation.
Learn more about the steps in thoughtful planning. The Catholic Foundation of Greater Philadelphia is established to be a tool for you to leave a lasting and secure legacy. Use our request for information form to learn more.