How to Complete Your Gift

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A gift of life insurance allows you to make a sizeable impact on our work without diluting other assets you've earmarked for your family.

Where to Start

Contact your insurance company to arrange for assignment of ownership of the policy at its current value to Gustavus Adolphus College. Then, one of three scenarios could unfold:
  • We might surrender the policy for cash once we receive ownership, providing us much-needed funds and relieving you of the obligation to make ongoing premium payments.
  • We may keep the policy in force so that the original face value will ultimately become your gift. In this case, you pledge to make cash gifts at least annually, which we will use to pay the premiums. The gifts are tax-deductible.
  • Another alternative is that we might decide to accept a smaller amount of paid-up insurance and still keep the policy in force for your lifetime, and you would be relieved of the obligation to make further premium payments.
Question Mark

Did you know?

Life insurance proceeds can be apportioned among more than one beneficiary on a single policy.

Get your own free guide with tips on preparing to meet with your estate planning attorney.

For More Information

Consulting an estate-planning attorney is a smart investment that can save you and your family money and heartache in the long run. Please seek legal advice before deciding who will get what in your estate plan. Contact Laurie Dietrich at 507-933-6043 or if we can answer any questions you have about supporting our organization.