3 Unconventional Ways Life Insurance Can Make a Difference
14-04-2017The conventional concept of life insurance is pretty straight forward. You name your spouse or immediate family member as a beneficiary. When you pass away, the death benefit goes to them to fund final arrangements and allows them to continue their standard of living. However, some people prefer to go against the grain and still want to leave a lasting legacy. Here are three unconventional ways a life insurance policy can still make a difference:
- Donate to your favorite charity - By naming a trust as your beneficiary, you can spell out in the your trust that a specific amount of money should be donated to the charity of your choice at the time of your passing.
- Build a college scholarship - If you cherish your time at your alma mater, why not leave a lasting legacy of a scholarship for future students? Most universities require at least $25,000 to endow a scholarship. This number depends on the institution. They will add your gift along with their current endowment pool and give out a $1,000 scholarship per year based on the terms you agree upon with your college. You should have these intentions spelled out in your trust, which is named as a beneficiary on your insurance policy.
- Improve your community - You can work with your city council to see what changes or additions could be made to the community. Sometimes they have a desire to build a community center, playground, or improve city roads but lack the funds. Through a trust as your beneficiary, you can allocate funds to your city in order to build new community features or improve on current ones.