By assigning a current, paid-up policy to the Foundation as owner and beneficiary, you can realize an immediate tax deduction.  The cost is negligible – just that of a postage stamp or a phone call to your insurance agent. Your agent will ask you to complete and return a form with the new designations.  If you are still paying premiums on the policy, the gift can be arranged to allow those premiums to be tax deductible.

You can also create a new policy to benefit the ministry.  Again, with the Foundation designated as owner and beneficiary, your premiums can be tax deductible.