Marla and Wayne purchased a life insurance policy many years ago to create security for their children's future. As the children grew up, married, found good jobs and accumulated significant assets, the insurance was no longer needed for its original purpose.
"We regularly attended events at Florida Southern College since we lived nearby, and we wanted to know if there was any benefit to giving our policy away to this wonderful institution. Wayne wanted to ensure that our family wouldn't need the extra help down the road if we decided to help out FSC.
We met with the advancement staff at Florida Southern and learned that we could include a bequest of insurance today that would help us achieve both our personal and charitable goals.
The bequest could simply be made by naming FSC as beneficiary of our policy. With the beneficiary designation unchanged during life, the insurance proceeds would go to assist Florida Southern's mission. In addition, our estate could benefit from an estate tax charitable deduction based on the value of the proceeds paid.
The insurance bequest made the most sense to us, and Wayne liked the fact that our estate would benefit from tax savings, which would help to preserve other assets intended for our family." -Marla
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 charity 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 a color example of your benefits