Gifts of Life Insurance

You may be surprised to learn that a surplus, paid-up life insurance policy can be used to fund a gift to Wycliffe. If, for instance, you acquired several life insurance policies when your family was younger, with the children now grown the coverage may be more than you need. If you contact your insurance company and name Wycliffe as the owner and beneficiary of a policy, you will secure a donation receipt equal to the cash surrender value of the policy on the date of the gift. If the policy is not yet paid up, you will be entitled to an additional donation receipt for the amount of each premium payment you subsequently make either directly to the insurance company or by means of a cash gift to Wycliffe.

Alternatively, you may still have a young family, and may conclude that ongoing obligations will make it difficult for you to accumulate capital. You may want to make a significant gift to Wycliffe, but wonder how you will gather the resources to do so. If you take out a new life insurance policy as a gift, you can deliver a large benefit to us from income rather than capital. You will be entitled to donation receipts for the amounts of premium payments you make either directly to the insurance company or by means of cash gifts to Wycliffe.

A third possibility would be to simply name Wycliffe as a beneficiary of some or all of the death benefit associated with a policy that you own and that covers your life. When you do this, you can retain full control of the policy, in case your situation changes in later years. Still, if upon your death you still own the policy and if Wycliffe continues to be named as a beneficiary, a donation receipt for the amount paid to Wycliffe by the insurance company will become available for use in connection with your final income your tax return.

Email us, complete the personal illustration form, or call us at 800-463-1143 so that we can assist you through every step of the process.