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.
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.