Estate Planning is Stewardship
Life Insurance
One of the simplest ways to support your favorite Baptist cause or other charity through your estate plan is to name them as a beneficiary of your life insurance policy. Naming the charity as a beneficiary of even a small portion (i.e.2% or 5%) can have a significant impact on their ability to carry out their ministry.
Also paid-up life insurance policies can be used to fund a gift through the Foundation. If, for instance, you acquired several life insurance policies when your family was younger, with the children now grown the coverage may be more than you need. Donating the policy provides a significant gift to the ministry of your choice and can provide you with a charitable tax deduction.
You can also transfer ownership of an existing policy which is not yet paid up. The Foundation reserves the right to surrender the policy once it is transferred or to keep it in force. You can make deductible gifts to the Foundation to offset premium payments if the policy is retained.
Example
A retired Louisiana Baptist Convention employee named the Louisiana Baptist Foundation as a partial beneficiary of his life insurance policy. Upon his death, the Foundation received 10% of the insurance proceeds with his family receiving the remaining 90%.
Because of his heart for missions in Louisiana, the endowment established with the proceeds pays benefits to the Georgia Barnett State Missions Offering each year.
