Donate a Life Insurance Policy
A gift of life insurance is a simple way for you
to make a substantial gift to the Extra Mile Ministries (EMM).
It’s an affordable way to make a major gift
through modest premium payments.
The insurance policy is not part of your estate
and therefore, not subject to probate fees (fees paid to the
government when establishing your will).
Where EMM is the beneficiary, the donation
receipt may be used by your estate to offset any taxes if you should
Ways you can give a gift of life insurance:
1. If you have an existing insurance policy you no longer need, you
may donate that policy by making EMM the owner and beneficiary.
EMM will issue an immediate charitable donation receipt for its
fair market value. You will also receive a charitable donation receipt
for any future premiums paid on that policy.
2. If you take out a new policy with EMM as owner and
beneficiary, you will receive a charitable donation receipt for the
annual premiums you pay.
3. If you have named EMM as beneficiary on an existing policy
(and not the owner), you will not receive charitable donation
receipts for the premiums paid or for its fair market value. Rather, the
tax benefit goes to your estate after your death.
For more information, please consult your insurance agent, accountant or
financial advisor; call at 647-436-4980 or
We encourage you to seek professional advice to
ensure that your financial goals are considered, your tax situation
reviewed and that your planned gift is tailored to best fit your
requirements. The information provided here is intended as an
overview and does not constitute financial advice.