Life Insurance

When you first bought a life insurance policy, your purpose was to provide the financial stability to your family should something happen to you or your spouse. Inevitably circumstances change, this may require us to rethink our life insurance policies. Life insurance is a very flexible product that allows you to change ownership as well as redesignate beneficiaries at any time. 

For example, you can gift to the college a present policy that you own, making Doane both the owner and beneficiary.  This can either be a paid up policy or one for which you are making premium payments. In the case of the second example you can gift the amount of the premium to the college.   You can also retain ownership and name Doane as a full or partial beneficiary of the policy. 

Jane Goodall visited Doane in 2007 to share her message of hope.




If you are purchasing a new policy you may name Doane as a partial or full beneficiary of a new policy.  Once again you have the option of naming Doane the owner and making tax deductible gifts to the college to cover the cost of the premium.

Indirect Use of Insurance for Wealth Replacement
You can use a life insurance policy to offset a donation to a charitable organization like Doane. A significant outright charitable gift could reduce the projected value of inheritances for family members. However, income tax savings from use of the deduction to a charitable organization may be used to purchase life insurance with death benefits equal to the value of the gift (this can depend on your age, health and income tax rate).

Example:  Peggy's husband, Bill was a Doane alum. Bill had been a long time supporter of the college.  Upon his death, Peggy wanted to do something special.  Peggy gifted $25,000 for a scholarship in Bill's name.  Bill had been in the Life Insurance business and a colleague suggested that Peggy may want to utilize a life insurance policy to enhance her scholarship efforts.  Peggy bought a substantial policy on herself withDoane College as the owner and beneficiary.  Peggy makes a charitable gift to the college amounting to the annual premium costs.  She is able to deduct the premium as a charitable gift.  Upon her death the college will receive the proceeds of the policy, $500,000 to enhance Bill's endowed scholarship.

If your estate is of a size to create estate taxes; you may want to have any policies insuring your life, be owned by your spouse or others.  In doing so, the proceeds pass to your beneficiaries tax free.   

If you would like to receive more information, contact Dan Meyer at 402.826.8237,dan.meyer@doane


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