Gifts of Life Insurance – Estate Your financial projections may indicate that you won’t accumulate large blocks of capital during your lifetime, or that your family will have first call on your estate. You want to make an estate gift to the Binghamton University Foundation, but wonder if you’ll find the resources to do so. Life insurance uses manageable premium payments made from income today to create a large gift for Binghamton tomorrow. The result? You can build our long-term financial strength without diminishing that of your family. How to do it? Name the Foundation of the State University of NY at Binghamton, Inc. as the beneficiary of a new life insurance policy or of an existing policy whose coverage your family no longer needs. That beneficiary designation will be revocable, which means that if your or your family’s health or financial needs change, you can redirect policy benefits to meet those demands. You will make the premium payments needed to keep the policy in force. These payments will not be tax-deductible, but the policy benefits paid to Binghamton will incur no taxes for your estate. This plan allows a life insurance policy to work like a gift through your will or retirement plan: you have the satisfaction of planning a gift to the Binghamton University Foundation today, along with the security of knowing that that gift can be amended if your family’s needs change tomorrow. For more information Email us, complete the personal illustration form, or call us at 607-777-4712 so that we can assist you through every step of the process. |
