A Charitable Life Insurance Policy is a creative method of supporting a donor’s favorite Diocese of Raleigh ministry under the management of The Foundation of the Diocese of Raleigh. Through the use of an existing paid-up policy or through the creation of a new cash value policy, a donor can significantly impact the people who benefit from their favorite ministry through a major level gift.
Often individuals discover old, paid-up life insurance policies as they clean their house. These long-forgotten policies may contain named beneficiaries who have long since passed to their eternal home. These policies can be gifted to a favorite charity by simply signing a new insurance company form and naming the charity as the new owner/beneficiary.
In other cases, generous donors like to leverage their charitable gifts by creating a new cash value policy. They may pay a smaller one time or multi-year premium payment (EG, $1,000) in order to secure a larger paid up policy amount in the name of the charity (EG. $100,000). Upon the passing of the donor the charity that was named owner and beneficiary receives the full-face value of the insurance policy.