Gifts of Life Insurance

A Powerful and Accessible Way to Leave a Legacy

Many people are surprised to learn that some of the largest gifts received by charities come through life insurance policies. Life insurance can be an affordable, high‑impact way to support the ministries you care about, often allowing donors to give more than they could during their lifetime.

A gift of life insurance turns a modest monthly premium or an existing policy into a meaningful legacy that strengthens the mission of Heritage and equips future ministry leaders for generations to come.

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How Life Insurance Giving Works

Life insurance gifts are flexible and can be structured in several ways, depending on your financial goals and personal circumstances. Your choice affects tax benefits, ownership, and how Heritage ultimately receives the proceeds.

Here are the primary ways donors use life insurance to support ministry:

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Option One: Give a Policy Now

Make Heritage the Owner and Beneficiary

When you transfer ownership of a new or existing life insurance policy to Heritage, you may receive immediate tax benefits.

This option allows you to:

• Receive charitable tax receipts for any future premium payments
• Potentially receive a receipt for the current cash value of the policy
• See your gift start working for ministry even before the end of your life

This is an excellent choice if you want to experience the joy of giving now while also receiving current tax advantages.

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Option Two: Leave a Gift for the Future

Name Heritage as the Beneficiary (in whole or in part)

You may choose to keep ownership of the policy throughout your lifetime and simply name Heritage as the beneficiary. This allows you to:

• Maintain financial control of the policy
• Provide a significant gift to Heritage upon your passing
• Generate charitable tax benefits for your estate, reducing or eliminating final taxes
• Leave a legacy without affecting your current financial situation

This approach is simple, flexible, and does not require updating your will. A beneficiary form through your insurer is all that is needed.

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Why Consider a Gift of Life Insurance

A gift of life insurance offers several benefits for both donors and their estates:

Bypasses Probate

Life insurance proceeds pass directly to Heritage outside of your estate, which can reduce probate fees.

Tax Savings

Depending on how the policy is structured, you can enjoy tax benefits now or your estate can claim charitable tax credits later, easing the tax burden on your loved ones.

Protection from Legal Challenges

Gifts made through life insurance are not normally subject to disputes from estate beneficiaries or creditors, providing security and clarity.

Quick Distribution

Insurance gifts often reach the charity more quickly than gifts left through a will, allowing your impact to be realized sooner.

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A Gift that Reflects Your Heart

A life insurance policy allows you to leave a legacy that may be far larger than what you could give from cash alone. This kind of planned gift becomes a lasting testimony of your commitment to gospel ministry, helping Heritage train future pastors, missionaries, and Christian leaders long into the future.

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We’re Here to Support You

If you would like more information on how to make a gift of life insurance, or if you would like to discuss which option might best fit your goals, our Donor Development team would be honoured to assist you.