Insurance Policies

Making a gift of your life insurance is another way to support Bishop Ryan Catholic School without parting with assets during your lifetime. Donating a life insurance policy will not decrease your current income or affect your financial status, and because the value increases as your policy matures over its term, you may be able to make a much larger gift than you would during your lifetime.

There are different ways to use life insurance as the basis for a charitable gift:
       Sign over your life insurance policy to Bishop Ryan Catholic School.
          You would continue to pay your premiums and, upon your death, the full face value amount of your
           policy is donated to BRCS as a charitable gift. Using this method, the donor benefits from both an
           income tax deduction based on the premium payments and an earned estate tax deduction equal to
           the value of the policy.
       Designate Bishop Ryan Catholic School as the beneficiary (or contingent beneficiary) of your life
       insurance policy.
          By choosing this method, you retain lifetime ownership of the policy and the rights to cash it in,
          borrow against it, and change the beneficiary. Because you retain ownership, you will not receive a
          charitable income tax deduction for your premium payments or the future gift; however, the policy's
          proceeds will be included in your gross estate, allowing your estate a charitable deduction in estate
         taxes.