What is Endowed Giving?
Endowed giving, sometimes referred to as planned giving, is a method of supporting faith-based organizations and charities that allows faithful members to give larger gifts than they could from their income alone. A planned gift is a major gift because it is made in life or at death as part of a donor’s overall financial planning.
By contrast, tithes to the operational funds of the church, or offerings for special events are made from a donor’s discretionary income, and while they may be budgeted for, they are not planned.
Endowed Giving is Sustained Stewardship
Each year pastors bury many people who would gladly have made an endowed gift if they had known about the possibility. An endowed gift is a living testimony of faith that can help church members witness to one another about their acts of faith. The person who gives an endowed gift is one who genuinely believes that the church will “be there” for future generations, and is one who firmly believes that it is God who is in charge
Our church members are given endowed giving opportunities by every organization except their church. The benefits and potential of planned giving may be the best-kept secret in the body of Christ.
Financial Impact Scenario
An Endowed Giving policy of $10,000
30-year old man (non-smoker) would cost just $28.31/month
60-year old woman (non-smoker) would cost just $40.47/month
The average funeral now costs between $6,000 - $7,000, and the average cremation service costs approximately $2,500 to perform.
$6,500 cost of funeral = $3,500 in endowment to your church
Advantages of Guaranteed Issue Whole Life
a. Affordable monthly premiums
b. Simple and easy application process with no medical examination.
c. The need for (and value of) the product is clear and easily communicated.
i. Secures endowed giving for the church
ii. Face value is most often immediately available
iii. The insured can leave additional money for loved ones with the same policy
iv. Premiums will never increase
v. The policy builds cash value
1. The rate of growth is guaranteed
2. Loans against cash value are permitted
vi. Provides Living Benefits for the insured
a. Pays up to 100% of face value following a Chronic, Critical or Terminal Diagnosis