If you have a whole, ordinary, adjustable, variable or universal life insurance policy, than you have a great way to care for both your family and your favorite causes in your estate plan!
Consider the case of Mr. Green. Mr. Green bought a permanent life insurance policy in 1964. He and his wife had gotten married the previous year, and they were expecting their first child, so life insurance seemed the responsible course of action. Mr. Green’s asset and income situation is average. He has put together a respectable investment portfolio over the years. The returns on it, in conjunction with his social security, is how the Green’s have paid their bills since his retirement in 2007. The policy has continued to grow over the years, and today it exceeds the amount maintained in their investment portfolio. As a result, Mr. Green has listed Friends University as primary beneficiary of the mutual fund account, and will keep the larger life insurance policy in effect for their three children to split equally at his and his wife’s death.
If you have no children, or would rather live off of your taxable assets in your post-retirement years, paid-up permanent life insurance policies can also be gifted directly to Friends University as part of your estate plan. This allows you to directly enjoy your many years of saving and investing without the concern of preserving any portion of those funds to support charitable organizations.
For additional information about how a permanent life insurance can be used to maximum advantage in your legacy planning, or to make Friends University aware of your planned or deferred gift, call Brie Boulanger – Associate Vice President for Advancement at 316-295-5525.