Bequest of Insurance

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

Marla: We helped with a church plant in our younger days and wanted to know if there was any benefit to giving our policy away to help start other churches in the US and around the world. We love the Lord and understand the importance of a healthy gospel-centered church in a community.

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 was a way we could commit now to help the work of the Evangelical Free Church of America but make our gift at a later date when it was clear the policy wouldn't be used.

The gift planner at the EFCA Foundation 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 The Evangelical Free Church of America as beneficiary of their policy. With the beneficiary designation unchanged during life, the insurance proceeds would go to help the EFCA's future work. 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 potentially benefit from tax savings, which would help to preserve other assets intended for our family.

Is a bequest of a life insurance policy right for you?

Creating a bequest of life insurance is an easy gift to establish. You can easily leave a life insurance policy to the EFCA if the policy is no longer needed for its intended purposes by completing a beneficiary designation form. You can request this form by contacting your insurer by phone or downloading it from their website. If you have questions about bequests of life insurance policies, please contact us. We would be happy to answer any questions that you have. We also would be pleased to thank you and welcome you as an EFCA Legacy Partner.

For a brochure with more information, click here.

*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our ministry. Since your benefits may be different, you may want to click here to view a color example of your benefits.