Life Insurance

There are several ways to make a gift of life insurance to the College.

  • If you own a policy which you no longer need, you may name Centenary as a primary beneficiary, secondary beneficiary, final beneficiary or remainder beneficiary to receive all or part of the proceeds.
  • You can assign annual dividends to the College.
  • You can give a paid-up policy you already own by changing the owner and beneficiary.
  • You can give a policy on which you are still paying premiums.
  • You can obtain a new policy for the College.
  • You can buy a policy benefiting your heirs which would replace a gift from your estate to the College.
  • You can purchase a life insurance policy on the life of another person if you are uninsurable.

Example: Andrew, age 50, qualifies for the purchase of new life insurance. He buys a $50,000 policy naming Centenary as the owner and beneficiary. He deducts the annual premium on his federal tax return as a charitable gift and knows that one day the proceeds from his policy will be used according to his wishes to establish a Fund for Excellence in the Department of History and Political Science.

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