A Simple Way to Support Grace Church: Life Insurance
By Scott Oats, Chairman of the Grace UMC Foundation
Do you have a life insurance policy that you no longer need for financial security? Your policy might be the simplest way to provide a truly meaningful gift to Grace United Methodist Church.
Juanita and Don Burney left a life insurance gift to Grace UMC Foundation. Don was the Church treasurer for many years and understood the financial needs of the Church extending beyond the annual operating budget. The Burney Endowment is unrestricted and the income from their gift will be used by Grace Church to continue and/or expand future ministries.
Here are three examples of ways you can make a life insurance gift:
Name Grace UMC Foundation as a beneficiary. This gift is as simple as updating your beneficiary designation form with the policyholder. You can designate the Foundation as the primary beneficiary for a percentage or specific amount. Or, you can make the Foundation the contingent beneficiary so that the Foundation will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
Make an outright gift of an existing policy. You can name the Foundation as owner and beneficiary of an existing policy. You may qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment may be tax-deductible as a charitable gift when you itemize, but please check with your tax advisor.
Make an outright gift of a new policy. You can take out a new policy and name Grace UMC Foundation as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for our younger Church members. Whether you make one single premium payment for the policy or pay annual premiums, each payment may be tax-deductible as a charitable gift when you itemize on your taxes, but please check with your tax advisor.
Contact Scott Oats, Chairman of the Grace UMC Foundation (firstname.lastname@example.org) for information