Program
Gifts of Life Insurance: The Details
Is this gift right for you?
A gift of life insurance is for you if…
- You are maintaining insurance coverage that your family no longer needs.
- You hold few appreciated securities in your portfolio, or few that you wish to donate and are looking for an alternative way to give.
- You are a younger donor who wants to create a future gift for us at a lower cost.
Our supporters often overlook the benefits of giving a life insurance policy to the Diocese.
If you are carrying more insurance coverage than your family obligations now require, you may find a hidden gift asset in a paid-up policy. Alternately, you could create a significant gift by taking out a new policy on your life and naming Diocese of Trenton as the owner and sole beneficiary, thus creating a future gift at a lower cost. If the Diocese is both the owner and sole beneficiary, the premium payments are tax deductible.
You must name us as the irrevocable [you can't change the terms in the future] owner and beneficiary of the insurance policy to secure income tax benefits from your gift. A gift of a paid-up policy produces a charitable deduction in the amount of the policy's cash surrender value or basis, whichever is less.
If you are interested in purchasing a new policy and donating it to the Diocese, please call for more details.
Please contact us so that we can assist you through every step of the process.
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