whole life insurance — making Church the beneficiary?
I am 66. I have a whole life policy but my only living beneficiary is deceased. I was planning on leaving
money to my church. Should I keep paying on it or stop and let it grow? Naturally, I am only asking as
advice and will not hold you a firm answer.
Terry Says
Well, that all depends on the specifics of your policy. You need to contact your agent. And if you don’t remember who sold you the policy, contact Byron Udell at Accuquote.com. He’s my life insurance expert. He will have his people see how your policy is funded, and whether it would remain funded until your death if you stop paying premiums now. He may have some other solutions, perhaps “gifting” the policy to the church — and taking a tax deduction.
Also, if you’re sure the Church should be your beneficiary, be sure to officially “name” the them as beneficiary. You don’t want the money to pass through probate before it gets to them!
