There are several ways to create a gift from existing insurance coverage or by buying a new policy. If you have paid for existing insurance coverage that is no longer required, you can give the policy to a charity. The following is a list of possible insurance policies to consider for charitable gifts:

• Life insurance to protect a spouse that no longer needs protection
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• Life insurance on a child that is now a financially independent adult
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• Life insurance on a life to guarantee funds for a child’s education that has since been paid from other sources
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• A policy to provide retirement income that has now been provided by other sources
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• Coverage on a business or a business partner that is no longer required

By making Calvary Chapel Fort Lauderdale or other ministry the irrevocable owner and beneficiary of a policy, you may be entitled to a tax deduction approximating the cash surrender value at the time of the gift. Please seek the assistance of your qualified insurance agent to make a change in ownership and beneficiary, determine cash surrender value, and to make sure you have adequate coverages for your current situation.