Bequest of Insurance

Marla and Wayne purchased a life insurance policy many years ago to create security for their children. As they grew up, married, found good jobs and accumulated significant assets, the insurance was no longer needed for its original purpose.

Marla: We had been strong supporters of Boys Home for years and wanted to know if there was any benefit to giving our policy away to this wonderful organization.

Wayne: I wasn't ready to part with the insurance quite yet. I wanted to preserve the option of giving it to our family if someone needed extra help down the road. We both wondered if there were a way, we could commit now to help Boys Home, but make our gift at a later date when it was clear the policy wouldn't be used.

A development staff person at Boys Home 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 Boys Home as beneficiary of their policy. With the beneficiary designation unchanged during life, the insurance proceeds would go to help the boys in their educational and life pursuits. 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.

*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our organization.