Typically when we think about life insurance, we think about it as a way to make sure that our families will have what they need "just in case" we are not able to provide for them. Sometimes, life insurance can also be part of an investment or savings strategy or a tool in managing the needs of a business.
In the same way that we can think about using insurance to protect those we love, life insurance can be used to protect our Archdiocesan ministries or our parish.
There are various ways that this can work. The best options involve donating a permanent policy rather than one that has a term assigned to it, and choosing a policy where the premiums are paid-up or scheduled to be paid on a shortened time-frame.
One option is to donate both the ownership and beneficiary status to the Archdiocese. In this case, you receive the tax savings now, and the Archdiocese receives the benefit at the time of your passing, but the decision to transfer the policy cannot be undone if you change your mind later.
Another option is to name the Archdiocese as the beneficiary of the policy, but retain the ownership status for yourself. In this case, your estate will benefit from tax savings, the Archdiocese receives the benefit at the time of your passing and you have the option to change your mind later.
A great idea is to use a policy that you might have already but that you might not need any more - for example, if the person you intended to provide the benefit to has passed away or your adult children are no longer in need of such protection and have been provided for in other ways.
The wonderful part about this type of gift is that it allows you to make a significant difference in an area that is meaningful to you in a way that you might not have been able to afford during your life time. Just imagine what the benefit value of a policy could mean for your parish. A new roof? Updated bathrooms? A fund to support the education of priests and seminarians? A gift to the priests' pension? For your archdiocese? Funding to support hospital chaplaincy, youth ministry or social justice?
Let's dream together!
Please contact Barry Wood in the Finance Office at 306 352-1651 Ext. 218 or bwoodarchregina [dot] sk [dot] ca to discuss. Alternately, if you hold a life insurance policy through the Knights of Columbus, you may wish to contact your local field agent who can work to build your dream of a legacy for tomorrow.
Page URL: http://archregina.sk.ca/giving-how-donate/gifts-insurance-1