Life Insurance Gifts
Life Insurance policies provide a unique way to make a charitable gift to further the ministries of Moody Bible Institute. When considering Life Insurance as a means for a planned gift, donors may choose from many different types of policies including: term, whole life, universal life, etc.
Gifts of Life Insurance are possible in a number of ways:
- A Life Insurance policy purchased specifically for Moody. This provides an opportunity for someone with limited income to make substantial gifts.
- A Life Insurance policy that is no longer needed for its originally intended purpose. The policy might have been used to provide for people that no longer need support.
- A Life Insurance policy may also be bequeathed to Moody through a Last Will and Testament. This might be considered for favorable tax consequences to the donor.
- A Life Insurance policy that designates a percentage of policy benefits to Moody. The donor may claim an estate tax deduction.
Moody Bible Institute can be designated the primary beneficiary of a policy providing for Moody ministries through the immediate payment of policy benefit upon the death of the donor. Moody Bible Institute can also be designated the secondary beneficiary of your Life Insurance policy. 
In this case, Moody will receive the proceeds if the person(s) named as primary beneficiary(ies) have predeceased the donor. Beneficiary designations can also be shared so that a charity can receive a percentage of the proceeds, shared with other named beneficiaries.
The value of the Life Insurance gift is determined by the nature of the gift—policy or premium. The charitable deduction for policy gifts is approximately equal to the fair market value of the policy or the cost basis, whichever is lower, at the time the gift is made. Future Life Insurance premiums are also deductible gifts. If you purchase a new Life Insurance policy and name Moody as the beneficiary, the amount of your annual premium is deductible for tax purposes. Please consult your personal tax advisor or attorney to determine the tax consequences applicable to your situation.
For beneficiary designation purposes:
Corporate Name:
Moody Bible Institute of Chicago
820 N. LaSalle Blvd.
Chicago, IL 60610
Tax ID Number: 36-2167792
If you would like to learn more about Life Insurance gifting opportunities, or if you would like to meet with a Moody Giving Representative, please contact our Stewardship office.
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