Gift of Life Insurance
A gift of life insurance is an excellent way to leverage your impact on and legacy at MPFS.
BENEFITS OF GIFTS OF LIFE INSURANCE
- Receive a charitable income tax deduction
- If MPFS retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If MPFS 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 so that we can use the proceeds to further our charitable work
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 MPFS as the beneficiary of your policy.
- You can also designate MPFS as a partial, full, or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
- Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.