Insurance Annuity Beneficiaries

Insurance annuities, unlike life insurance, carry an income tax burden. Your named beneficiary is responsible for paying the income tax due on the growth of the annuity while you owned it. The tax burden makes these assets a popular choice to leave to a charitable organization like Gustavus because we, as the recipient, can eliminate the tax bill.

Changing Beneficiaries


Contact your insurance company for its change of beneficiary form for the insurance annuity. If you would like to name Gustavus Adolphus College as a beneficiary, simply decide what percentage of the annuity'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

Before deciding who will get what in your estate plan, you'll want to consult an estate planning attorney. To learn more about the programs and work your gift can support, please contact Jackie Peterson at 507-933-7543 or jpeters9@gustavus.edu.