How Do I Make a Gift of a Life Insurance Policy with Cash Value?
To transfer ownership of an existing policy to the Church or one of its institutions, obtain a “change of ownership and beneficiary” form from your agent or insurance company. You should complete those portions of the form pertaining to “change of ownership” and “beneficiary designation.” The correct name of the Church or one of its institutions must be used (contact LDS Philanthropies for this information). The appropriate form and a copy of the policy should then be transferred to LDS Philanthropies in behalf of the Church or one of its institutions. The receiving institution must sign the “change of ownership” form as the new owner. If the policy is not “paid up,” future premiums are treated as cash gifts to the Church or one of its institutions. If your are considering a new policy as a gift to the Church or one of its institutions, contact an LDS Philanthropies professional. Each state has different requirements regarding “insurable interests” associated with the right of the char
