A necessary financial protection against the hazards of life, life insurance is a very simple and practical way to give to ESCC. Many people come to own life insurance policies at several points in their lives. Each one is an opportunity to support ESCC. Here are some examples:
“Old” Insurance Many people have life insurance policies purchased to protect young children who have long since grown up and left home. Policies with a cash value often remain in force, event though they have outlived their usefulness. Such a policy can help ESCC in two different ways. If given ownership of the policy, the college can redeem it for an amount close to its cash value, a very substantial gift to ESCC. If the college becomes beneficiary, then it will one day receive the policy’s death benefit, assuming any required premiums are paid.
Workplace term life insurance Many workers enjoy a term life benefit through their workplace. Making ESCC Foundation a partial beneficiary of such a policy begins a process of planning a legacy for the college that has helped speed you on your way in life. While such policies usually lapse at the end of your work for that employer, such a designation begins a habit of mindfulness that is likely to result in your leaving a durable legacy to ESCC.
Insurance for students and graduates If you are a student at ESCC who takes out a life insurance policy while a student or upon graduation, making ESCC Foundation beneficiary of even a portion of the policy is a great way to give back to the place where you got your start in your career, or in higher education.
Making ESCC beneficiary of any type of life insurance policy will be a big step in giving back to this institution. Making the college owner of a cash value policy constitutes an outright gift to the college, and generally entitles the donor to a charitable deduction. Please see an attorney for advice about your particular case.