Bequest of Insurance
Marla: We have supported MSOE's mission for many years and wanted to know if there was any benefit of giving our policy to the university.
Wayne: I wasn't ready to part with the insurance quite yet. I wanted to preserve the option of giving it to our family if someone needed extra help down the road. We both wondered if there was a way we could commit now to support MSOE's mission but make our gift at a later date when it was clear the policy wouldn't be used.
Our gift officer made simply by naming the university as beneficiary of their policy. With the beneficiary designation unchanged during life, the insurance proceeds would go to help the university's future work. In addition, their estate could benefit from an estate tax charitable deduction based on the value of the proceeds paid.Wayne: I wasn't ready to part with the insurance quite yet. I wanted to preserve the option of giving it to our family if someone needed extra help down the road. We both wondered if there was a way we could commit now to support MSOE's mission but make our gift at a later date when it was clear the policy wouldn't be used.
Marla: The insurance bequest made sense to us.
Wayne: I also liked the fact that our estate would benefit from tax savings, which would help to preserve other assets intended for our family.
Wayne: I also liked the fact that our estate would benefit from tax savings, which would help to preserve other assets intended for our family.
Is a bequest of a life insurance policy right for you?
Creating a bequest of life insurance is an easy gift to establish. You can easily leave a life insurance policy to a nonprofit organization if the policy is no longer needed for its intended purposes by completing a beneficiary designation form. If you have questions about bequests of life insurance policies, please contact us. We would be happy to answer any questions that you have.
*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our organization. Since your benefits may be different, you may want to click here to view an example of your benefits.