Life Insurance

Many people purchase life insurance policies to protect their spouse, family or themselves.  But as life circumstances change, they are no longer needed.  A good example might be a policy for a now grown child's education.  When the ownership of an existing policy is given to the church or the Foundation, (as opposed to designating the church as a beneficiary) you can immediately deduct, as a charitable contribution, the current value of the policy or, the net cost of the policy, whichever is less.  Upon transfer of ownership, future premium payments may also be deductible as charitable contributions.