A gift of life insurance is an often overlooked, yet beneficial, method of making a meaningful contribution to St. Paul’s Senior Services.
You may wish to consider a gift from your life insurance policy if:
- Your family no longer needs the insurance coverage you have maintained
- You hold few appreciated securities in your portfolio, or few that you wish to donate
- You are a younger donor who wants to create a future gift at a lower cost
If you are carrying more insurance coverage than your family now requires, you may find a hidden surplus gift asset in a paid-up policy. You can also create a future gift at a lower cost by taking out a new policy on your life and naming St. Paul’s as the owner and beneficiary.
You must name St. Paul’s Senior Services as irrevocable (you can’t change the terms in the future) owner and beneficiary of an insurance policy. This will allow you to secure income tax benefits from your gift.
If you would like to learn more about why naming St. Paul’s as a beneficiary of your life insurance policy may be right for you and your family, please contact Liam Dunfey, Director of Major Gifts & Planned Giving, via email or at (619) 239-6900.