Gifts of Life Insurance
Most of us think of life insurance as protection, especially for our loved ones. But it is also an excellent tool for making charitable gifts you can use to champion the good works of the Church and for Warhawk Catholic. For a fraction of the death proceeds paid during your lifetime, you could leave a very substantial gift to charity upon death.
When the original purpose for the protection no longer applies—such as to educate children now grown or to provide financial security for a spouse now deceased—your life insurance can be redirected to help support a worthwhile cause.
Estate Tax Advantages
When you name us as beneficiary of your policy, the amount we receive results in a charitable deduction to your estate. You will not receive a charitable income tax benefit during your lifetime because you still own the policy.
Donating a New Policy
Perhaps you don't own an existing policy but you understand the benefits of purchasing a life insurance policy and naming us as owner and beneficiary of the policy. Rather than paying premiums to the insurance company, you make tax-deductible cash gifts to us to cover the annual premiums.
Gift of a Paid-up Insurance Policy or Policy with Cash Value
You can donate a paid up insurance policy (a policy that requires no further premium payments) or a policy with cash value to the "Archdiocese of Milwaukee for the sole and exclusive benefit of UW-Whitewater Campus Ministry" and receive a charitable income tax deduction. When you own a life insurance policy with accumulated cash value, you have a cash asset which can also be donated to charity.
What About Term Insurance?
Term life insurance is usually purchased with a particular time frame in mind. If you determine you no longer need the term insurance benefit, you could name the "Archdiocese of Milwaukee for the sole and exclusive benefit of UW-Whitewater Campus Ministry" as the beneficiary and continue to pay the premiums rather than cancelling the policy. You could also transfer ownership of the policy to our ministry during your lifetime and make annual donations to offset the cost of the premiums.
The planned giving materials on our website are not presented as legal or tax advice. Warhawk Catholic provides support for a full range of charitable gift planning options and services. Warhawk Catholic, its employees or representatives, do not offer legal or financial advice. We strongly urge prospective donors to consult with their estate planning attorney, financial advisor, accountant or other appropriate professional before making any material decisions based on information we provide through this Web site, printed materials, or other sources. The purpose of this website is to provide general gift, estate, and financial planning information. Watch for tax law revisions. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts.