Life Insurance to Replace Gift

An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. Life insurance itself can be the direct funding medium for a gift, permitting the donor to make a substantial gift (face value of policy) for a relatively modest annual outlay (i.e., the premium payment). Life insurance can also be used to replace an asset that has been given to Chum.

How It Works
After a donor makes a gift to Chum, the tax savings produced by the charitable deduction are used by his or her children or an irrevocable trust to purchase and pay the premiums on an insurance policy on the donor's life. Such an arrangement can ensure that the interests of family beneficiaries will not be adversely affected.

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Contact Us

Gracia Swensen
Development Director
218-720-6521
gswensen@chumduluth.org

  

Chum
102 West Second Street
Duluth, MN 55802

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Chum is “People of faith working together to provide basic necessities, foster stable lives, and organize for a just and compassionate community.” We provide emergency shelter, food and street outreach throughout Duluth.

Chum is a 501(c)(3) nonprofit human services agency in Duluth, MN sponsored and governed by an interfaith coalition of 44 faith communities. Chum was founded in 1973 when 10 churches located in Duluth’s Central Hillside neighborhood pooled their resources to meet the needs of the neighborhood’s many low-income residents more effectively. Chum now offers emergency food, shelter, advocacy, support, and outreach throughout Duluth.

Chum is Duluth’s primary safety-net organization where people who are homeless or who have very low incomes can come for assistance and a welcoming, safe community. Chum operates Duluth’s largest food shelf and provides emergency shelter and supportive services for homeless individuals and families. We help people find housing and employment, access public benefits, and receive basic medical care. At Chum’s Drop-In Center (day shelter) people can pick up mail (both physical and e-mail), do their laundry, have a hot meal, socialize over games or conversations, and perhaps most importantly, find a warm and welcoming community where they can be safe, heard, and respected.

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