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Give later: Life insurance

Charitable Life Insurance

What is a gift of life insurance?

Many have found a gift of life insurance is a practical and affordable way to make a meaningful charitable gift, and there’s great flexibility depending on the donor’s financial situation.
How to establish a gift of life insurance at Thrivent Charitable
1. Create a fund online, or complete and send the fund workbook to Thrivent Charitable. Please include a copy of an in-force illustration of the policy if possible.

2. Thrivent Charitable establishes the fund based on the charitable intentions of the donor and sends a confirmation to the donor. The financial representative also receives a copy.

3. For new policies, complete the life insurance application with the insured as owner and Thrivent Charitable as beneficiary. (Donors may also choose to give an existing policy).

4. The donor assigns ownership of the contract after the fund is established. To ensure the donor receives the maximum tax deduction possible for their gift of a new contract, have your client complete and sign Absolute Assignment Form 10AA on the same date as the insurance application.
  • Thrivent Charitable’s tax ID number: 41-1802412
  • Thrivent Charitable’s mailing address:
Thrivent Charitable Impact & Investing
PO Box 8072
Appleton, WI 54912-8072
  • The form must be signed by the contract owner in the presence of an impartial witness or notary public.
5. Send the insurance application, absolute assignment form, and the first premium payment directly to Thrivent.

6. The insured retains the contract and receives premium notices.

7. Premium payments on charitable life insurance contracts qualify as charitable contributions and are substantiated for tax purposes by Thrivent Charitable. Premium payments should be made payable to Thrivent. Thrivent will notify Thrivent Charitable premium is received, and Thrivent Charitable will send donor gift receipt. Please contact Thrivent Charitable if the donor wishes to pay premiums using publicly traded securities or mutual funds. *Note: This process does not apply for QCDs used to pay premiums. In this case, the QCD should be made directly to Thrivent Charitable, and then Thrivent Charitable will use the gift to pay the premium to Thrivent.
Target audience
  • While the age range for people giving life insurance through Thrivent Charitable ranges from 4 to 95, the most ideal market is pre-retired persons (ages 50-64) and retired persons (ages 65-75).
  • Clients who wish to make a significant gift with a smaller investment.
  • Clients who want an annual charitable tax deduction for the premiums they pay.
  • Clients age 70+ who are receiving required minimum distributions (RMDs) from retirement plans, but don't need the income.
Potential tax and financial benefits of giving life insurance
  • Donors may receive a charitable tax deduction for each premium paid.
  • Once the policy has been assigned to Thrivent Charitable, donors can pay premiums using cash or publicly traded securities, bypassing capital gain on securities held for more than one year.
  • Since life insurance is typically a non-probate asset, the life insurance proceeds will be paid directly to Thrivent Charitable, potentially avoiding any delay in payment.
  • Thrivent will send premium notices directly to your client. Your client should make premium payments directly to Thrivent unless you expect the amount of the premium to exceed 30% of your client’s adjusted gross income in that calendar year. If so, it may provide a greater tax benefit to make the payment directly to Thrivent Charitable, because charitable deductions for premium payments paid directly to the insurance company are limited to 30% of the donor's adjusted gross income, excess deductions may not be carried over to future tax years. Payments made directly to Thrivent Charitable are limited to 60% (for gifts January 1, 2018, and thereafter) of donor's adjusted gross income and can be carried over for up to 5 additional tax years. Contact a gift planner to discuss this situation.
  • The IRS now requires an independent qualified appraisal for all non-cash charitable gifts of $5,000 or more. These "non-cash gifts" include life insurance made through absolute assignment to a charity, such as Thrivent Charitable. Please note this ruling only applies to the absolute assigned value of an insurance policy, not the death benefit nor the continuing insurance premium payments made once Thrivent Charitable is named owner. 
  • Thrivent Charitable has retained the services of an independent qualified appraiser to assess insurance gifts of $5,000 or more. This may be an issue for gifts of existing policies or new policies with a large initial premium. There will be no out-of-pocket cost to the donor for this service. The only effect to donors is the reduction of the charitable contribution (and the corresponding charitable deduction), by the amount of the appraisal fee, which is estimated to be $200.
Benefits to you, the financial professional
Thrivent Charitable will support you with a full range of charitable products and services, and you'll be compensated for your efforts by Thrivent (including Thrivent's 10% Life Insurance bonus for contracts assigned to Thrivent Charitable).
More about gifts of life insurance
There are a number of benefits to giving life insurance through Thrivent Charitable:
  • Donors can name multiple, diverse benefiting charities through one life insurance contract owned by Thrivent Charitable.
  • Donors can change charities that will benefit without needing to change ownership of the life insurance contract – they simply contact Thrivent Charitable to change the parameters of the charitable fund.
  • Donors can give anonymously if that’s their wish.
  • Gifts provide ongoing support to charities far into the future. Based on the gift size, a portion of the death benefit may be distributed in a lump sum to one or more charities if that’s the donor’s wish; and
  • Your clients can also give an existing contract or designate Thrivent Charitable as beneficiary to receive all or a portion of a contract’s proceeds. Contact a gift plannerfor more on the benefits of giving insurance in these two ways.

Additional information

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Our team of charitable gift planners utilizes deep charitable expertise to expand your clients' options and help meet their giving goals. Our collaborative approach will allow you to maintain your current client relationships while we provide the most relevant advice that aligns with your clients' financial priorities.

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