Gifts of Life Insurance to the Essentia Health Foundation

Planned gifts, also known as legacy gifts, are a personal, meaningful way to support our Essentia Health Foundation while benefiting you and your loved ones.

There are a variety of ways to leave planned gifts. Some can be sources of lifetime income for you; others protect your assets; and others can be made by anyone, regardless of their estate size or wealth.

"Planned gifts, like naming our Foundation as a beneficiary on a life insurance policy, truly have a lasting impact. When a donor decides to make a planned gift during their lifetime, it allows them a chance to communicate to us how they’d like their generous contribution to be used. This ensures that every dollar represents their values and passions—and carries out their special legacy.”
– Cara Frank, Director of Development, Essentia Health-St. Mary’s Foundation

Ways to Give Life Insurance

Life insurance can be a powerful way for you to support our Foundation without dipping into your capital assets. Life insurance is also an impactful way for people with estates of any size to give.

The most common kind of donated life insurance is permanent life insurance (which provides lifelong coverage) versus term life insurance, which has an expiration date. There are different types of permanent life insurance—and while term insurance isn’t the popular choice for a planned gift, it is still a viable option. We recommend working with your financial and/or legal advisors to determine the best path for you.

There are three main ways to fulfill your giving goals with life insurance:

1.Transfer ownership of an existing policy

• Irrevocably name an Essentia Health Foundation as the policy owner and beneficiary
• You may do this with a policy that is fully paid or one that still requires premium payments
• You may continue to pay the premium via a cash donation to our Foundation each year; if you choose to no longer make premium payments, we can liquidate the policy for its cash value to put toward our mission

2. Name one of our Essentia Health Foundations as a beneficiary

• You retain ownership of your policy but name an Essentia Health Foundation as a full or partial primary beneficiary
• You retain ownership of your policy but name an Essentia Health Foundation as a contingent beneficiary, meaning we only receive the benefits if your primary beneficiary predeceases you
• By retaining ownership of your policy, you can change the beneficiary designation at any time

3. Purchase a new policy

• You can take out a new policy and irrevocably name an Essentia Health Foundation as the beneficiary and owner of the policy

The Benefits of Life Insurance Gifts

Committing to our Foundation, hospitals and communities with a gift of life insurance fosters mutual benefits that support your legacy while furthering our mission.

1. Maximize existing assets: You can make a difference during your lifetime using a policy that no longer benefits you or your family
2. Low-cost, large-impact: You can make a gift larger than your current means; a small annual premium payment results in a substantial payout that may be larger than you’d be able to give in cash
3. Tax advantages: You may be eligible for an immediate income tax charitable deduction, as well as future tax benefits

Discovering a Plan That’s Right for You

While it’s relatively straightforward to update your beneficiary designations and transfer ownership of a policy, it’s important to remember that there’s a variety of ways to create a legacy through gifts of life insurance. Please consult with a trusted financial or legal advisor to explore all possibilities and to determine the one that’s right for you.

Our team welcomes the opportunity to meet with you, or with you and your advisors, to learn more about your giving goals. Together, we can develop a thoughtful plan that supports you and your loved ones and fulfills your wishes!

We invite you to learn more about life insurance gifts online—and we encourage you to contact us today to learn more about building a legacy through planned gifts.