Life Insurance

Giving Life Insurance: A Gift Now or Later

A necessary protection against the hazards of life, life insurance is a very simple and practical way to give to St. Anne’s-Belfield School. Many people come to own life insurance policies at several points in their lives. Each one is an opportunity to support the School.

“Old” Insurance

Many people own life insurance policies purchased years ago to protect young children who have long since grown up and left home. Policies with a cash value often remain in force, even though they have outlived their usefulness.

Such a policy can help the School in one of two different ways. If given ownership of the policy, the School can redeem it for an amount close to its cash value, a very substantial gift to the school. Alternatively, if the School is made the beneficiary, then it will one day receive the policy’s death benefit, assuming any required premiums are paid.


Workplace Term Life Insurance

Many workers enjoy a term life benefit through their workplace. Making St. Anne’s-Belfield a partial beneficiary of such a policy begins a process of planning a legacy for the School that reflects what the School means to you. While such policies usually lapse at the end of your time with that employer, such a designation begins a habit of mindfulness that is likely to result in your leaving a durable legacy to St. Anne’s-Belfield School.

Making the School a beneficiary of any type of life insurance policy is a big step in giving back. Making the School owner of a cash value policy constitutes an outright gift to the School, and generally entitles the donor to a charitable deduction. Please consult your attorney for advice about your particular case.

Designating Part or All of a Life Insurance Policy to the School

To designate part or all of a life insurance policy to St. Anne’s-Belfield School, take these simple steps:

  • Contact your policy holder to give ownership of your policy to the School, or name the School as a beneficiary for a percentage or specified amount.
  • Contact Warren Buford at (434) 296-5106 or wbuford@stab.org for additional details. If naming the School as an owner of the policy, please submit a copy of the insurance contract showing the School as the owner. If naming the School as a beneficiary, please either provide a copy of the insurance policy mentioning the School, or a letter on your letterhead conveying equivalent information.
  • We also kindly ask that you notify the School of the amount of the policy plan so that the School can record your gift as an asset. Valuation methods can be complicated and differ depending on age and the type of gift. Please contact Warren Buford (contact information above) for more information.
  • We invite you to become a member of The 1910 Society by filling out the membership form.
Any information concerning giving options or their tax benefits, on this website or otherwise, provided by St. Anne's-Belfield School is of a general educational nature only and does not constitute, or substitute for, legal advice. Please seek competent legal advice regarding how any gift to the School might affect your personal situation.
Powered by Finalsite