A donation of your life insurance policy is an excellent way to support the work of The Glenmary Home Missioners in rural America. If your life insurance policy is no longer needed for its original purpose or will no longer benefit your survivors, it can make a difference to the missions.
Benefits of Making a Gift of Life Insurance
- You can receive a charitable income tax deduction.
- If Glenmary retains the policy to maturity, or you name Glenmary as a beneficiary, once the policy matures, the proceeds of your policy will be paid to The Glenmary Home Missioners to support the mission work of Glenmary priests and brothers.
- If Glenmary retains the policy to maturity, you can receive additional charitable tax deductions by making annual donations that may be used for paying the premiums. Glenmary benefits from the proceeds of the policy.
- If Glenmary cashes in the policy, you will be able to see your donation in action as Glenmary missioners share and nurture the Catholic faith, feed the hungry, build the Church and create community in the missions.
Ways to Make a Donation of Life Insurance
- Designate The Glenmary Home Missioners as the beneficiary of your life insurance policy. You will continue to own the policy during your lifetime. It will be included in your taxable estate when you pass away, but your estate will benefit from an estate tax charitable deduction for the value of the gift to Glenmary.
- If you give your life insurance policy to Glenmary today, you can receive a charitable income tax deduction. You can then make deductible contributions to us each year which we may use to pay the premiums.
It’s easy to donate your life insurance. Please contact your life insurance provider, request a beneficiary designation form from the insurer and include The Glenmary Home Missioners as the beneficiary of your policy.
Thanks to FreeWill, you can easily plan beneficiaries for your life insurance, IRA, 401(k), pension, bank and brokerage accounts in one place.
We can assist with any questions you may have. Call 513 874-8900 or use our contact form.
Thank you for securing the future of the Catholic Church in Glenmary mission counties!
This information is not legal advice. A donor should seek the guidance of a qualified estate and/or tax professional to understand the consequences of a gift.