Giving Life Insurance
To name GFA as beneficiary of your policy:
- Check with the company that issues your policy about the procedures needed for beneficiaries to receive the benefit at your death. Usually a death certificate is needed. If so, arrange for one to be sent to GFA upon your death.
- Include the following identifying information on the document provided by your insurance company to name the beneficiary of your insurance policy:
Gospel for Asia, Inc.
1116 St. Thomas Way
Wills Point, TX 75169
- Send a copy of the policy to GFA for our files so we’ll know to alert you of any future address or phone number changes.
To gift your entire policy to the Harvest Foundation:
- As you and your advisor decide that a gift of life insurance is appropriate in your financial and philanthropic planning, the information and questions listed below should be reviewed and discussed with National Christian Foundation (NCF):
- What is the type of policy-whole life, universal life, or term?
- Is the issuing company financially sound?
- Are you willing to continue to make premium payments (if applicable)?
- What is your cost basis in the policy?
- What is the current cash value of the policy?
- Are there currently any loans against the policy?
- In what is the cash value currently invested?
The above items allow NCF to understand the asset and answer relevant questions, such as, "Is the asset transferable?" and "What is the wisest method of transfer?" NCF reviews the gift and submits a gift offer letter to you as owner. As the decision is made to proceed, a transfer document is drawn up, either by NCF or your legal counsel.
- The document to transfer ownership of the policy is provided by the insurance company. This document is executed by the donor and then delivered to NCF for execution by one of the officers.
- NCF’s parent organization, the National Christian Foundation (NCF), must be named both owner and beneficiary in order for a charitable deduction to be established.
- The date of the transfer of the policy will establish the gift date.
- Any additional premium payments due may be made through NCF by making charitable contributions for this purpose.
- When the policy is to be redeemed, the funds received less the costs associated will be placed in Gospel for Asia’s Harvest Foundation./li>
What makes your life insurance policy an appropriate gift? The asset …
- has been held by you longer than one year
- has appreciated in value
- is transferable (not under contractual obligation or other agreement with someone else)
What else do I need to know?
- An appraisal may be needed in order to substantiate the value of your tax deduction. Typically, the insurance company can provide this.
- NCF’s fees, which come out of the Harvest Foundation, include $100 per premium payment (we prefer premiums to be paid annually) and 2 percent of the death benefit upon maturity (with a maximum of $20,000).
For more information:
If you have any questions or wish to start the process for your gift, please fill out our contact form, or call GFA's Harvest Foundation at 800-946-2742.
All gifts are subject to Gospel for Asia's Gift Acceptance Policy.
DISCLAIMER: This web page is designed to provide information and illustration of the subject matters covered. It is not intended, nor should it be used as legal, accounting or other professional advice. It is always a good idea to seek legal and tax advice from your professional advisor(s).