Current policies can benefit the Church by naming it as:
- A named beneficiary to receive all or part of policy proceeds after the passing of the insured person;
- Policy owner, for all rights, or in accordance with a plan to;
- Surrender the policy for cash proceeds useful in a designated plan or for The Covenant Fund; (Editor-link to Covenant Fund, page #1.2.00, OR
- Holding the policy for its ultimate value.
Gifts of current policies can result in significant charitable deductions for income tax purposes.
Benefactors planning to benefit the Church in a long-range way or from their estate can establish a new policy tailored to their intentions, with payment of current premiums as a tax-deductible gift.
If you would like to consider a gift of Life Insurance, please contact the Church. Church officers are happy to work with your advisors. As always, the Church of The Covenant suggests you contact your tax and legal professionals. These advisors are in the best position to assure you every advantage to be gained from your gift.