Life Insurance Plan Gifts

How It Works

  1. You can provide now for a future gift to Franklin College by naming us as beneficiary of a policy insuring your life.
  2. After your lifetime, the proceeds of your policy are paid to Franklin College.

Benefits

  • You can make a significant gift from income instead of capital.
  • You can change the beneficiary if your circumstances change.

Gifts Through Your Life Insurance Plan

Donating your life insurance could be a wonderful way to fulfill your desire to support our work. By making Franklin College the beneficiary of an existing policy, you make good use of your resources and expand your ability to make a significant gift.
Franklin College accepts gifts of life insurance either as the beneficiary of a policy or as the sole owner and sole beneficiary.
Donating your life insurance could be a wonderful way to fulfill your desire to support our work. By making Franklin College the beneficiary of an existing policy, you make good use of your resources and expand your ability to make a significant gift.
Franklin College accepts gifts of life insurance either as the beneficiary of a policy or as the sole owner and sole beneficiary.

Designating the College as a Beneficiary of an Insurance Policy

You can name Franklin College as primary beneficiary of your life insurance policy or as contingent beneficiary should your other beneficiaries not survive you. After your lifetime, the benefits from your policy pass to us free of federal estate tax.
Benefits

  • Personal Satisfaction – In completing your estate plan and providing for the people and charities that matter most to you.
  • Easy to Give – Involves little effort or paperwork.
  • Financial Advantage – Continued ownership of your policy.
  • Freedom and Flexibility – You can change your mind and your beneficiaries at any time.
  • Future Tax Savings – Removes the asset from your potential gross taxable estate.
  • Leave a Legacy – Your gift will ensure support for future generations of Franklin College students.
  • Changing your beneficiaries is easy. Simply contact your insurance carrier and request a beneficiary form.

Example
Years ago, Jason bought a life insurance policy to protect his family. His family no longer needs this protection and he decides to name Franklin College as the beneficiary of the policy. After Jason’s lifetime, the policy benefits will come to us to further our work.

Making an Outright Gift of a Paid-up Insurance Policy

You can donate your paid-up life insurance policy to the College. If the policy has a cash value, we would have the option of either holding the policy until the maturity date or surrendering the policy in order to receive the policy’s current cash value.
Benefits

  • Income Tax Savings – Claim an income tax deduction.
  • Future Tax Savings – Removes the asset from your potential gross taxable estate.
  • Leave a Legacy – Your gift will ensure support for future generations of Franklin College students.

Example
Jane bought a life insurance policy years ago that she now wants to donate to Franklin College. Since she gave the policy to us, Jane can claim an income tax charitable deduction. The total amount of the policy is removed from her estate, and we will use the gift to further our mission.

Designating the College as a Beneficiary of an Insurance Policy

You can name Franklin College as primary beneficiary of your life insurance policy or as contingent beneficiary should your other beneficiaries not survive you. After your lifetime, the benefits from your policy pass to us free of federal estate tax.

Benefits

  • Personal Satisfaction – In completing your estate plan and providing for the people and charities that matter most to you.
  • Easy to Give – Involves little effort or paperwork.
  • Financial Advantage – Continued ownership of your policy.
  • Freedom and Flexibility – You can change your mind and your beneficiaries at any time.
  • Future Tax Savings – Removes the asset from your potential gross taxable estate.
  • Leave a Legacy – Your gift will ensure support for future generations of Franklin College students.
  • Changing your beneficiaries is easy. Simply contact your insurance carrier and request a beneficiary form.

Example
Years ago, Jason bought a life insurance policy to protect his family. His family no longer needs this protection and he decides to name Franklin College as the beneficiary of the policy. After Jason’s lifetime, the policy benefits will come to us to further our work.

Making an Outright Gift of a Paid-up Insurance Policy

You can donate your paid-up life insurance policy to the College. If the policy has a cash value, we would have the option of either holding the policy until the maturity date or surrendering the policy in order to receive the policy’s current cash value.
Benefits

  • Income Tax Savings – Claim an income tax deduction.
  • Future Tax Savings – Removes the asset from your potential gross taxable estate.
  • Leave a Legacy – Your gift will ensure support for future generations of Franklin College students.

Example
Jane bought a life insurance policy years ago that she now wants to donate to Franklin College. Since she gave the policy to us, Jane can claim an income tax charitable deduction. The total amount of the policy is removed from her estate, and we will use the gift to further our mission.