Legacy Planning: Have You “Insured” Our Parish?

Posted on December 28, 2021 by Published by

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 the Wayside:

  1. Name our parish as a beneficiary of the policy. Simply update your beneficiary designation form with your policy holder and list the primary or contingent beneficiary as: “Our Lady of the Wayside, The Catholic Bishop of Chicago, a Corporation Sole”
  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 on 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. Please contact our Parish Office with questions at (847) 253-5353.


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