Give to Others Through Life Insurance
Most people associate life insurance with protecting their family. But you can also use life insurance to give a monetary gift to a charity, church or non-profit organization that has made an impact on you and your family.
Why Give Through Life Insurance
Charitable gifts of life insurance, both large and small, are a meaningful way to support organizations you care about – while making an impact and leaving a legacy long after you’re gone.
By donating with life insurance, both you and the charity you give to can enjoy benefits, including:
- Potential income tax and estate tax deductions.1
- The ability to give more through the life insurance death benefit.
- Death proceeds that avoid the delays of probate.
Ways to Give With Life Insurance
Any type of insurance can be used to set up a Legacy Giving plan, but permanent life insurance is the best option. WoodmenLife offers a variety of life insurance products to meet your needs, and once purchased, you can assign it2 to a charity, church or non-profit organization. You can also keep ownership and designate your charity as a beneficiary.3
A Lasting Legacy
The purpose of Legacy Giving is not to reduce, replace or eliminate protection for your family. The first step of any Legacy Giving plan is to protect your family’s needs, and then create a charitable giving plan that works for you.
Contact a WoodmenLife Representative for more information.
1. Assignment of modified endowment contracts may be reportable to the assignor to the extent of the gain in the certificate. Contact your professional tax advisor or attorney for tax or legal advice.
2. Benefits are includible in the estate if death occurs within three years of transfer of ownership.
3. Benefits are includible in the estate if ownership is not assigned (i.e., only a beneficiary designation is made).