FROM THE ARCHDIOCESE OF CHICAGO - SUPPORTING OLR
Have You “Insured” Our Parish?
A life insurance gift is a powerful and simple way to provide future support for our parish. Here are two ways to give a gift of life insurance to Our Lady of Ransom.
1.Name our parish as a beneficiary of the policy. Simply update your beneficiary designation form with your policyholder and list the beneficiary as: “Our Lady of Ransom, The Catholic Bishop of Chicago, a Corporation Sole”
You can name our parish as the primary beneficiary for a percentage or a specific amount, or make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you. This is a great option if you want to have access to the cash value of the policy if you ever need it or if you want to retain the right to change the beneficiaries of a policy depending on family circumstances.
2.Make an outright gift of an existing policy. You can irrevocably name our parish as owner and beneficiary of a policy with accumulated cash value that you and your family no longer need. You qualify for a federal income tax charitable deduction when you itemize your taxes. Also, if you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift, if you itemize.
For more information on making a gift of life insurance to our parish, we recommend you consult with your financial planner, attorney or insurance representative. Don't hesitate to get in touch with Deacon Franco Foti at deaconfranco@olransom.org or 847-823-2550 with any additional questions.