Gifts of Insurance
A gift of an existing life insurance policy is an easy way to leverage a smaller gift into a significant legacy. If you have a life insurance policy that has outlasted its original purpose, consider making it a gift to benefit a permanent endowment of the Catholic Foundation of Eastern Montana. 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
- Receive a charitable income tax deduction
- If the policy is "paid-up", it will also qualify you for the Montana Endowment Tax Credit.
- If the Catholic Foundation of Eastern Montana retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If the Catholic Foundation of Eastern Montana cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If we retain the policy to maturity, the proceeds of your policy will be paid to our Foundation, designated for the endowment you specify for the future of the Church.
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a change in ownership form, and name the Catholic Foundation of Eastern Montana as the new owner and beneficiary of your policy. We can provide you with any details your life insurance company needs. Once the gift has been made, we will be sure you receive the information needed for your tax records.
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.
Also, 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.
You can also designate the Catholic Foundation of Eastern Montana as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
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.