In addition to ensuring the financial well-being of your loved ones, life insurance policies are powerful philanthropic tools for you and St. Olaf. Moreover, the gift arrangement can often be made with little or no additional long-term costs to you.
What you need to know
Typically, donors utilize one of two options when using a life insurance policy to make a gift:
- Naming St. Olaf as a beneficiary, or
- Transferring ownership of the policy to the college.
Depending on which gift scenario you choose, benefits of a life insurance gift include:
- Creating a more significant gift to St. Olaf than otherwise possible.
- Receiving a charitable deduction in the year the gift is made.
- Potentially reducing your estate’s tax liability.
Ready to learn more?
Select a topic below and see if a gift of life insurance is right for you.
Naming St. Olaf as a beneficiary of a term or whole life insurance policy is an effective way to make a potentially significant deferred gift with relatively low long-term costs.
Whether a life insurance policy is “paid up” or still has premiums to-be-paid, transferring ownership of the policy to St. Olaf presents an exciting opportunity for you and the college.
Already named St. Olaf as a beneficiary of your life insurance plan?
Sharing the details of your gift with us is beneficial to you, St. Olaf, and future donors. Plus, it’s entirely confidential. Learn how to share your intent.