Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to your church or favorite ministries through a charitable fund at The Baptist Foundation of Alabama. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to The Baptist Foundation of Alabama. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
- If The Baptist Foundation of Alabama retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If The Baptist Foundation of Alabama cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to our organization and placed in your charitable fund to benefit your church and favorite ministries
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer, and include The Baptist Foundation of Alabama (for your charitable fund) as the beneficiary of the policy. We will work with you to create the parameters of your charitable fund agreement
Contact us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
