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Gifts of Insurance

An examination of your life insurance needs can highlight ways to support the ministry of your choice while not decreasing the balance in your checking account. Consider using a life insurance policy that you no longer need as a charitable gift.

Benefits of gifts of life insurance

• Receive a potential charitable income tax deduction.
• If United Methodist Foundation of West Virginia retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums.
• If United Methodist Foundation of West Virginia 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, or you name us as a beneficiary, once the policy matures, we will follow your instructions regarding the use of the end-of-life insurance payment. The payment can be a gift to ministry or can create an endowment at The Foundation designed to benefit the church or ministry of your choice.

How to make a gift of life insurance

To make a gift of life insurance, please contact your life insurance provider, and make the Foundation the owner and beneficiary of the policy.

Designating The Foundation as beneficiary of your life insurance

You can make the Foundation the beneficiary of life insurance by requesting a beneficiary designation form from the insurer and include United Methodist Foundation of West Virginia as the beneficiary of your policy. The Foundation can be a percentage beneficiary, or a secondary or tertiary beneficiary. 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.

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.