Life Insurance Policies
Most individuals have life insurance; however few are aware that life insurance can be conveniently used to make a charitable gift. There are several easy ways of making a gift through a life insurance policy.
- Fully Paid Policy: a paid in full policy can be donated to the School Sisters of Notre Dame. Generally, the cash surrender value can be taken as a tax deduction, with appropriate adjustments and offsets. After your death, the full face value of the policy will go to SSND.
- New Policy: a new policy can be purchased for the purpose of making a charitable gift, with SSND named as owner and beneficiary. You pay the premiums, but get the tax deductions. After death, the full face value of the policy will benefit our ministries. By making small lifetime premium payments now, you make a much larger gift later.
- Partially Paid Policy: if SSND is owner and beneficiary on your existing policy, you get the current tax deduction for the cash surrender value and a deduction on the premiums you pay, with appropriate adjustments and allowances. Again, after death SSND receives the full face value of the policy.
- SSND as Additional Beneficiary: SSND can be named as secondary or final beneficiary. This does not provide you with immediate tax benefits, but any funds that go to SSND after death are exempt from federal estate taxes.
These and all of our ways and suggestions to make a donation to the School Sisters of Notre Dame are never intended as legal advice. Please consult a qualified tax advisor or attorney.
Bless you for considering this option of support to the School Sisters of Notre Dame.