Make An Impact By Designating Your Life Insurance Policy
You can contribute significantly to the future of higher education by designating Merrimack College as a beneficiary of your life insurance policy. This simple action can make a profound impact, supporting the continued growth and development of Merrimack for generations to come.
How it Works
You can name Merrimack College as the primary beneficiary of your life insurance policy or as a contingent beneficiary should your other beneficiaries not survive you.
Please note: You can also irrevocably donate your paid-up life insurance policy — please contact us directly about making this type of gift.
Here's the process:
- Provide now for a future gift by naming Merrimack College as beneficiary of a policy insuring your life.
- At the passing of the insured, the benefits pass to Merrimack College free of federal estate tax and are applied to the program designated by the donor.
Benefits
- Simplify Estate Planning: This strategy requires minimal paperwork, making it a straightforward and accessible way to plan your estate.
- Flexibility:Â You can modify your decision and beneficiaries at any given time, giving you full control over your policy.
- Tax Efficiency:Â By removing an asset from your potential gross taxable estate, you can potentially reduce future tax obligations.
- Foster Educational Progress: By choosing a higher education institution like Merrimack College as your beneficiary, you’re investing in the future of education and research.
- Personal Fulfillment: Experience the deep satisfaction of knowing you’re making a lasting impact on causes that are personally meaningful to you
Can it Work For You?
Considering a life insurance gift could be beneficial for you if:
- You are an early-stage donor seeking to make a considerable contribution. This strategy allows you to make a meaningful impact, regardless of your current wealth status.
- Your estate might not have considerable assets for distribution to beneficiaries outside your family. A life insurance gift provides an efficient way to contribute to your favorite cause without impacting your family’s inheritance.
Follow These Steps to Make Sure Your Gift Is Received
- Request a beneficiary form from your bank or plan administrator. This form — not your will — determines how these assets are distributed after your lifetime.
- Write in Merrimack College as beneficiary or partial beneficiary using our business address:Â Austin Hall, Merrimack College, 315 Turnpike Street, North Andover, MA 01845.
- If the form requests a social security number, use our tax identification number: 04-2103731.
- Return the beneficiary form to your plan administrator. Send us a copy as well, sharing as much account information as you’re comfortable with so we can correctly identify and claim your gift (e.g., account type, account number, approximate value). Your gift will be used to support Merrimack College priorities unless you specify otherwise.
- When creating your will or trust, include a list of your non-probate assets and the beneficiaries’ contact information. Also, be sure to speak to your executor/trustee about providing copies of death certificates, which most custodians require for beneficiary claims.
More Information
Example: You bought a life insurance policy to protect your family. Your family no longer needs this protection, and you decide to name Merrimack College as the beneficiary of the policy. After your lifetime, the policy benefits will go to Merrimack College to support future students and other programs you care most about.
