Selling a life insurance policy may help your alma mater.
Recently I had the pleasure of meeting with the executive director of a large private school in the Philadelphia area. During our meeting I asked her what was the policy of the school when someone made a gift of life insurance to the organization. To my surprise and dismay she told me that they keep the policy in force until the next premium comes due and then they cash surrender the policy.
I asked her how old the most recent donor was and she indicated he was 80 and had gifted a one million dollar policy. The cash surrender value they received for the policy from the carriers was $67,000 or 6.7% of the face amount. I explained to her that by selling a life insurance policy that was donated to the organization the may have received anywhere from 15 to 40% of the face amount which is $150,000 to $400,000.
Needless to say I now receive calls from that organization when gifts of life insurance are received so that they can be reviewed for the benefit of selling a life insurance policy instead of cash surrendering it.
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