Hidden Value: Transforming Your Unused Life Insurance into a Lasting Legacy for St. Luke's

March 01, 2024 • Rev. David Heetland

Do you have a life insurance policy you purchased years ago to provide financial protection—and you no longer need it? If so, it might be a great asset to give to St. Luke’s. Consider the benefits when you irrevocably name St. Luke’s as both the owner and beneficiary of your policy.

  1. You receive an income tax deduction. You can claim a charitable deduction for the cost basis of the policy or an amount approximately equal to the cash surrender value.
  2. You reduce the size of your estate. Transferring the policy during your life will remove this asset and reduce the size of your estate and any applicable taxes.
  3. You can make a significant gift without impacting your current income. Many people desire to give more to St. Luke’s, but are concerned about their cash flow and any unforeseen emergencies. Giving a paid-up life insurance policy does not require any of your current income.
  4. You can support a cause that is important to you. This might be adding to the endowment or some other purpose agreed upon by you and St. Luke’s. The insurance policy you no longer need can make a big difference to the church for years to come.
  5. It’s easy to do. Making a gift of life insurance is easier than you might think. Your life insurance professional can help you obtain a transfer form from the insurance company or you can contact the company directly.

For more information about life insurance gifts, visit our website at stlukeslegacy.com or contact me at 317.399.6202 or david.heetland@gmail.com. I’ll be happy to answer your questions and assist you in any way I can.

Rev. David Heetland