Outright Gift of Life Insurance

When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a powerful and simple way to support our work. There are three ways to give life insurance to Riley Children's Foundation:

Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.

Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.

Make an outright gift of a new policy. You can take out a new policy and irrevocably name Riley Children’s Foundation as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes.

An Example of How It Works

Craig HuseCraig Huse knows a thing or two about iconic and historic Indianapolis landmarks.

As co-owner of St. Elmo Steak House, Huse has the task of maintaining the excellence customers expect from Indianapolis' best-known restaurant, built in 1902. So when it came to choosing a primary charity to support he found himself drawn to another iconic Indiana landmark: Riley Hospital for Children. "Riley has such a clear mission," says Huse. "It's the ultimate cause: helping sick children and finding cures. Who wouldn't want to put their charitable dollars behind excellence?"

His relationship with Riley took root several years ago when Huse and his wife, Jill, befriended their neighbor, Riley Pediatric Oncologist Rob Fallon, M.D. The Huses, parents of healthy twins, were drawn quickly into the Riley Hospital mission. "You walk into the hospital and you see all these families walking in," says Huse. "If you try to put yourself in their shoes, you feel the compelling pull to help out."

Huse's support for Riley is both personal and professional. His service on the Riley Children's Foundation Board of Governors gave him the confidence to make an unrestricted estate plan gift to Riley, allowing his funds to be applied toward the hospital's greatest urgent needs. "I know that the physicians and hospital leadership know best where the investment needs to go," Huse says.

It's a partnership between two iconic Indiana institutions that's about more than smart business and brand building. As Huse notes, "It's about stewardship and bridging your philanthropic interests and abilities with those in need."

Next Steps

  1. Contact Kate Brinkerhoff, J.D. at 317-808-8601 or KBrinkerhoff@RileyKids.org for additional information on life insurance.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Riley Children’s Foundation in your plans, please use our legal name and federal tax ID.

Legal Name: James Whitcomb Riley Memorial Association, Inc. d/b/a Riley Children's Endowment
Address: 500 N. Meridian Street, Suite 100, Indianapolis, IN 46204
Federal Tax ID Number: 35-0868147

See How It Works

Benefit from Giving Life Insurance

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