Bequest of Insurance
Marla and Wayne purchased a life insurance policy many years ago to create security for their children's future. As the children grew up, married, found good jobs and accumulated significant assets, the insurance was no longer needed for its original purpose.
- The gift planner at Luther told them that they could include a bequest of insurance today that would help achieve their personal and charitable goals. The bequest could be made by simply naming Luther College as beneficiary of their policy. With the beneficiary designation unchanged during life, the insurance proceeds would go to help further the mission of the college. In addition, their estate could benefit from an estate tax charitable deduction based on the value of the proceeds paid.
The gift planner at their favorite nonprofit told them that they could include a bequest of insurance today that would help achieve their personal and charitable goals. The bequest could be made by simply naming the nonprofit as beneficiary of their policy. With the beneficiary designation unchanged during life, the insurance proceeds would go to help the nonprofit's future work. In addition, their estate could benefit from an estate tax charitable deduction based on the value of the proceeds paid.
- Marla: "The insurance bequest made sense to us."
- Wayne: "I also liked the fact that our estate would benefit from tax savings, which would help to preserve other assets intended for our family."
What is a charitable bequest?
A bequest is a gift you can make to support Luther College's mission in your will, living trust or with a codicil.
Charitable bequest video
Is a bequest of a life insurance policy right for you?
Creating a bequest using life insurance is a simple way to make a future gift. If a policy is no longer needed for its original purpose, you can name Luther College as beneficiary by completing a beneficiary designation form. If you have questions about giving through a life insurance policy, please contact us. We would be happy to answer any questions that you have.
Please note: The information above is representative of a typical donor and may or may not be an actual donor to Luther College. Since your benefits may be different, you may want to create a printable illustration of your income and tax benefits with our calculators.
