Gifts of Insurance
A gift of life insurance may allow you to make a substantial gift to Springfield College that you might not otherwise be able to make. You may have a life insurance policy that has outlasted its original purpose such as providing for minor children who are now financially independent adults. A life insurance gift is an excellent way to make a legacy gift to support Springfield College's Humanics philosophy of educating students in spirit, mind, and body for leadership in service to others.
Two ways that you can make a gift of life insurance to Springfield College are:
Name Springfield College as beneficiary
This is the simplest way to make a gift of life insurance to Springfield College. By contacting your insurance provider, you can designate Springfield College as a partial, full, or contingency beneficiary of your life insurance policy. Death benefit proceeds will be paid to the College and your estate will be reduced by the amount of your gift. Furthermore, there is flexibility in that you may make additional beneficiary changes prior to your death.
Name Springfield College as owner
This involves naming Springfield College as owner and beneficiary of your life insurance policy which may provide additional advantages to you. Gifting your policy may provide an income tax deduction in the year that the gift is made. The College will receive the entire face amount of the policy at time of death and any premiums you pay after the date of the gift will be tax deductible as well. By contacting your insurance provider for the documentation to assign or transfer ownership of your policy, you may provide a substantial gift at a relatively low annual cost.
Contact us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
