Gifts of Insurance
If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Catholic Community Foundation of Minnesota. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of Gifts of Life Insurance
- You may either transfer ownership of a life insurance policy to CCF or name CCF as a beneficiary of your life insurance policy.
- If you transfer ownership of the policy to CCF, you receive an immediate tax deduction.
- If you continue paying premiums on the policy in your lifetime, each payment is tax deductible and the value of your gift increases. Upon your passing, the death benefits establish your charitable fund, and the gift reduces your taxable estate.
- Alternatively, if you have CCF as a beneficiary to your policy, you'll continue to pay premiums as usual and upon your passing, we will receive our designated portion of the death benefit.
- When you name CCF as a beneficiary, you won't see tax savings during your lifetime, but you ensure access to the cash value of the policy while planning your charitable legacy.
How to Make a Gift of Life Insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include CCF as the beneficiary of your policy.
Contact Us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
