A traditional life insurance policy (with an accumulated cash value) can be a valuable asset. If the original purpose for the protection no longer applies—such as to educate children now grown or to provide financial security for a spouse now deceased—a life insurance policy can be redirected to help support a worthwhile cause. One option is to name First Church as the primary beneficiary. (Naming us as beneficiary while you retain ownership of the policy, however, does not qualify you for an income tax deduction.) Or you can name us as the beneficiary and also assign us ownership of the policy, making it a current charitable gift. Doing so may provide you tax benefits according to the accumulated cash value of the policy.
To discuss your options please contact First Church Development Manager Pam Bates at (619) 398-4442.