Life Insurance Policy Beneficiaries

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Life insurance is a popular method of providing much-needed funds to a beneficiary at your death. It is also a low-cost way to provide a large benefit for someone in need. Life insurance proceeds are almost always income tax–free to the beneficiary. The beneficiary designation in your life insurance policy determines where the proceeds will be distributed. The death proceeds, therefore, are not typically transferred through your will. Life insurance can be distributed to a charitable organization such as Gustavus Adolphus College, if we are named as a beneficiary of the policy at the time of your death.

Learn more about using life insurance to support our work.

Changing Beneficiaries

Contact your insurance company for its change of beneficiary form for the life insurance policy. If you would like to name Gustavus as a beneficiary, simply decide what percentage of the policy's value (0–100 percent) you would like us to receive and name us, along with the stated percentage, on the beneficiary form. Then return the form to your insurance company.

For More Information

Please consult an estate planning attorney before deciding who will get what in your estate plan. We can also help you learn more about arranging a gift that will make a lasting impact at Gustavus Adolphus College. Contact Laurie Dietrich at 507-933-6043 or

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Getting Started | IRA and Retirement Plan Beneficiaries | Life Insurance Policy Beneficiaries | Insurance Annuity Beneficiaries | Action Items