When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse who is sufficiently provided for, your policy can become a powerful and simple way to support the mission of Luther College. There are three ways to give life insurance to the College:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make Luther College the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name Luther College as owner and beneficiary of an existing policy. You may receive a federal income tax charitable deduction and reduce your future estate tax liability. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name Luther College as the owner and the beneficiary of the insurance contract. This method may be particularly attractive if you are a younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift.