Typically, life insurance is purchased to provide for future contingencies: to care for loved ones when you die, to protect a business interest, to ease the financial constraints of your retirement years, or to help educate children or grandchildren. If your needs have shifted and you find that you have more coverage than you or your family now need, a gift of life insurance can be a remarkable gift. Consider these possibilities:
Contact your insurance agent and ask to make Geneva College the sole beneficiary, the partial beneficiary or the contingent beneficiary of your insurance policy. You retain ownership of the policy and continue to have the right to designate future beneficiaries, if so desired.
She had also been weighing options for a faithful manner of establishing a memorial for her parents, who had left a life insurance policy in her name. “My children and husband are well taken care of,” explains Liz, “so I wanted to find a suitable way to use that resource to honor the Lord.”
To satisfy both of these considerations, Liz established the Olin S. and Glenna A. Fearing Endowed Scholarship for biology students by naming Geneva as the policy’s beneficiary.
Through founding this scholarship, Liz says she honors her parents by “focusing on the things in which they were interested.” Her father, Olin, was a biologist who was instrumental in building the pre-med program at Trinity University. Her mother, Glenna, had a career in education as a guidance counselor receptionist and teacher. “This scholarship is really their idea, rather than mine.”
For more information about how you, too, can help today’s students through planned giving, please contact the Office of Planned Giving at email@example.com or call 724.847.6614.
When you transfer complete ownership of a paid-up policy naming Geneva as the sole beneficiary (whole life not term), you give Geneva the flexibility to cash in the policy immediately or at a future time. You may receive an immediate charitable income tax deduction based on the policy’s valuation (fair market value or the net premiums paid, whichever is less). An independent appraisal is necessary to set the valuation amount.
You provide Geneva with a significant long term gift, possibly more than you could have given to Geneva otherwise. Your gift becomes immediate at death, rather than delayed pending estate administration. You contribute the amount of all future premium payments directly to Geneva with the request that Geneva make the direct premium payment. All of your contributions are tax deductible if you itemize.
If you have made or are in the process of making a life insurance gift to Geneva College, please let us know so we can acknowledge this planned gift and welcome you into the Heritage Society.
For other questions about gifts of life insurance, please contact Geneva’s Planned Giving Officer,
at firstname.lastname@example.org or 724-847-6614.