Life insurance allows people with relatively small cash savings to make large cash gifts to charities at their death. They leave a legacy of generosity and support for the ministries closest to their hearts.
CNCF has the unique ability to act as the facilitator of your life insurance gift. Administrative duties are taken care of while several different charities of your choice can benefit from your gift through distribution by CNCF. Your executor will not be burdened by additional duties related to this giving plan.
There are several ways to leave a life insurance policy to charity:
- A donor may purchase a policy and immediately donate it to CNCF and, as the owner of the policy, CNCF will designate itself as the beneficiary of the policy and will distribute the benefits according to the donor's wishes; the donor will continue to pay the premiums and will receive charitable donation receipts for each premium paid.
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Alternatively, a donor can give an existing policy to CNCF, in which case the donor will be entitled to a charitable donation receipt for the cash value of the policy.
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Life insurance can also be owned by the donor with CNCF named as the beneficiary (for distribution purposes). In this case, the donor does not receive a tax credit for premium payments but he or she receives a charitable donation receipt for the death benefit paid to CNCF.
With your financial professional, consider which option would be most preferable for you as you live and at your death. CNCF will work with your chosen advisor to ensure your plans are put into place and your wishes are carried out.
How it works:
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Decide on the mechanism for donating a life insurance policy as described above.
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Advise CNCF of your decisions.
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Complete a
Letter of Direction and send it to CNCF in order to leave your recommendations on the distribution of these monies to charities of your choice once they are received by CNCF.
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OR if you would like your gift to be used to establish a
legacy fund,
complete the form and send it to CNCF. Be sure to include the contact information of your fund successors.
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Advise your family and your financial advisor of your decision.
Contact us if you would like more information. CNCF is here to serve you.
Connecting God's Money with God's Work
