Life Insurance

  • Can provide the ability to make a meaningful gift
  • Can provide a current charitable tax deduction
  • Should not be subject to estate taxes or fees

Life insurance can offer you peace of mind knowing that your loved ones will be cared for if you should die at a younger age. Life insurance can help provide adequate financial resources to family at a time when they may not be able to provide for themselves.

Life insurance can also be used to financially support the Shepherd of the Lake Foundation. In many cases, giving life insurance is a way in which you can make a significant gift to the Foundation by making small payments to support a policy over time.

You may commit to making a gift of life insurance at any age. Gifts of life insurance have the benefit of passing to the Foundation without delay and without being subject to probate or administrative fees.

Generally, there are three ways to make a gift of life insurance to the Shepherd of the Lake Foundation:

  1. Change the beneficiary -- If you already have a life insurance policy, you can simply contact the insurance company and ask for a Change of Beneficiary form. You can name the Shepherd of the Lake Foundation as a primary beneficiary or designate a percentage of the proceeds.
  2. Transfer ownership of your paid-up life insurance policy -- You may make a gift through a policy that is no longer fulfilling its original purpose (for example, a policy that was established when you were a child). Through an irrevocable transfer, the Shepherd of the Lake Foundation will own the policy during your lifetime. You will receive a charitable income tax deduction for making the gift. At your death, the proceeds will be directed to the Foundation.
  3. Establish a new charitable life insurance policy -- You may create a new life insurance policy with the Shepherd of the Lake Foundation as the owner. Instead of paying your premiums to the insurance company, you will make regular gifts to the Foundation that will be used to pay the policy premiums. Each time you make a gift to the Foundation, you will receive a charitable tax deduction. The life insurance proceeds will be directed to the Foundation.

The examples included on this website are for illustrative and educational purposes only and should not be considered tax or legal advice. Please consult with your tax or legal professional about proceeding with your gift plan. The Shepherd of the Lake Foundation is a 501(c)(3) not for profit organization. Our EIN number is 41-1638874.