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INVESTING FOR ETERNAL REWARDS
Most Christians desire to give more to the Lord's work than they are presently giving. However, because of a tight budget, a changing economy, and the escalating cost of living, they are unable to do so. There are three ways of giving which provide the opportunity to do more for God's work than many people believed they could possibly do. It is a plan which allows Christians to go beyond what appears to be their present capabilities and plan a gift which gives significant value to the recipient.
First: The Insured Gift Endowment. Take out a policy with a mission or charitable organization as irrevocable owner and beneficiary. There are three benefits:
1. Life Insurance is the same as money for future delivery. It is money promptly paid. It has full face value.
2. Life Insurance is a personal gift and nothing is removed from the personal estate of a person when he dies. It also increases the value of your estate.
3. Life Insurance is economical. You can offer a large gift to your favorite mission or charity with easy monthly donations (premiums) and you can deduct these premiums on your income tax.
In short, a moderate sized life insurance policy permits a substantial gift at a small annual expense to be given to one’s favorite mission or charity upon the death of the donor.
Example: A $100,000 policy for a male, age 30, would require an annual payment of approximately $ 140.76 ($11.73 per month). For a female of the same age the payment would be $ 130.20 ($10.85 per month). The figures are approximately double for those over 50 years of age. Even then they are small compared to the payout. The payout would, of course, be the full face amount of the policy. While you may not be able to ever give an outright gift of $100,000, insurance provides a way to make it possible. (Figures taken from American General Life; US News and World Report ,2006)
Second: Assign An Existing Policy.
All that is necessary to accomplish this is to change the name of the beneficiary to that of the organization and name them owners of the policy. Many donors find they possess obsolete policies. These are policies bought originally to care for children who are now grown, or to care for relatives which have passed away. Why not assign a policy like that to the Lord's work?
Third: Give a Paid-Up Policy to the Charitable Organization out right.
These policies make welcome gifts, the dividends or the cash value from them can be given with immediate tax benefits achieved. It would also, of course, still be worth full face value at death.
In any of these cases, the ability of the Christian to give a gift far above what they would be able to do through just their estate is greatly increased. In any of these cases if you are considering a charitable gift that involves your life insurance, it is advisable that your life insurance agent be brought into the discussions.
If you believe what God has said, that it is possible and wise to make investments now for eternal dividends, and if you think reaching one million people each year with life changing Bible studies that result in an average of 27,000 conversions to Christ is significant and important, then please consider calling or writing the Stewardship Department at SLM, or E-mail us at rwalker@sourcelight.org. We will be happy to answer your questions whether you invest with SLM or not.
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