There are a few ways you can donate a life insurance policy to the Diocese of Toledo. Be aware that the tax consequences vary depending on the method you use.

You can name the Diocese of Toledo as the beneficiary of a life insurance policy just as you can name people beneficiaries. Because you can name more than one beneficiary, you can divide the death benefit among your loved ones AND the Diocese of Toledo. The percentage of the payout the Church receives is up to you.

If you have an existing policy, it’s easy to change the beneficiary to the Diocese of Toledo.

• You still own the policy. This gives you access to any cash value accumulation while you’re living.
• The Diocese of Toledo receives a lump sum payment from the death benefit.

Before making any of these moves, talk with a tax professional or financial planner to ensure you’re choosing the right donation strategy for your situation. Most importantly, reach out to the Mission Advancement Office to find out how we can help you make the gift of your life insurance.

Disclaimer: This content is for informational purposes only and does not constitute legal or tax advice. Please consult your professional advisor for legal and tax advice specific to your situation.

Mission Advancement Office
missionadvancement@toledodiocese.org
419.214.4906