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).

The benefits:
  • 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 pass away.
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 email: plannedgiving@theextramile.org

Please note:
  • 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.

 

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