As you can imagine, this is very popular within the state of Michigan. First off, consult with a CPA if or before you ever consider this.
A consumer picks a permanent life insurance plan, and in a nutshell will pay the premiums for it. However the church is the owner and beneficiary. You pay the premiums and if everything falls into place, you will be eligible for tax write off for the premiums that again you pay. To be more precise your premiums might be considered a "gift".
Different types of Michigan life insurance plans are popular when it comes to this. Single Premium whole life plans (one lump sum payment), 10 pay whole life plans (pay for ten years and policy is paid off), and lifetime pay whole life plans.
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