leaving a legacy with life insurance

Legacy Giving

Aug 12, 20208/12/2020

Learning Center

Give to Others Through Life Insurance

Most people associate life insurance with protecting their family. But you can also use life insurance to give a monetary gift to a charity, church or non-profit organization that has made an impact on you and your family.

Why Give Through Life Insurance

Charitable gifts of life insurance, both large and small, are a meaningful way to support organizations you care about – while making an impact and leaving a legacy long after you’re gone.

By donating with life insurance, both you and the charity you give to can enjoy benefits, including:

  • Potential income tax and estate tax deductions.1   
  • The ability to give more through the life insurance death benefit.
  • Death proceeds that avoid the delays of probate.

Ways to Give With Life Insurance

Any type of insurance can be used to set up a Legacy Giving plan, but permanent life insurance is the best option. WoodmenLife offers a variety of life insurance products to meet your needs, and once purchased, you can assign it2 to a charity, church or non-profit organization. You can also keep ownership and designate your charity as a beneficiary.3

A Lasting Legacy

The purpose of Legacy Giving is not to reduce, replace or eliminate protection for your family. The first step of any Legacy Giving plan is to protect your family’s needs, and then create a charitable giving plan that works for you.

Contact a WoodmenLife Representative for more information.


1. Assignment of modified endowment contracts may be reportable to the assignor to the extent of the gain in the certificate. Contact your professional tax advisor or attorney for tax or legal advice.

2. Benefits are includible in the estate if death occurs within three years of transfer of ownership.

3. Benefits are includible in the estate if ownership is not assigned (i.e., only a beneficiary designation is made).

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We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.

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How to Become a Member

You become a member of the WoodmenLife family when you purchase a WoodmenLife product. Get a quote from your local Representative with a video call.

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Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society.

Benefits are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product. These fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.

Some fraternal benefits include additional membership requirements including length of membership, number of qualifying members in household and/or a qualifying event.

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This company was issued a A+ (Superior) rating by the A.M. Best Company, click for additional details. WoodmenLife has been awarded a rating of A+ (Superior), the second highest ranking out of 15, for its financial strength and operating performance in 2018 by A.M. Best, an independent rating company that is nationally recognized for its objective reporting and rating of insurers.

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