Gifts of Insurance
Naming the Diocese of Monterey as beneficiary of a life insurance policy is an excellent way to make a charitable gift.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
- If the Diocese of Monterey retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If the Diocese of Monterey cashes in the policy, you will be able to see firsthand how your gift supports our work within the community
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to the Diocese of Monterey so that the proceeds can further our meaningful work
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include the Diocese of Monterey as the beneficiary of your policy.
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
You can also designate the Diocese of Monterey as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.