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Gift of life
insurance can help families achieve goals.
For years, Mike and Anne Warren had given to United
Way through annual campaigns conducted through
Mike’s company. But one day, as they heard a United
Way volunteer speak, they decided they were ready to
make a greater commitment.
Warren said he and his wife wanted to make sure that
their support of the organization continued after
their deaths.
“We found that life insurance fit well with what we
wanted to do in the future,” said Warren, chairman
of Energen and Alabama Gas. “It’s something you can
do now, on the front end, to make sure you achieve
your giving goals.”
He and his wife are now part of the United Way
Covenant Legacy Society, a group of individuals who
have made a planned gift to the organization through
their wills, estate plans or an endowment fund. But,
they also continue their annual giving, being named
“Leadership Givers” for the past several years.
Warren understands that unless a person makes a
provision in a will, or otherwise uses life
insurance or other vehicles to support charity after
the person’s death, the support ends.
“United Way is doing valuable work,” he noted. “But,
as great as the annual support is, we had to think
about what we would do after our deaths to continue
to support the agency.”
The life insurance policy they purchased will pay
benefits to United Way after the death of both
Warren and his wife. The policy, because it will be
paid on the second person to die, he said, was
reasonably priced, and they were able to pay for it
over five years. And, ultimately, he said, United
Way will receive a larger gift.
“It was an innovative and creative way to use
insurance to achieve giving goals,” he added. “It’s
a good option because the policy is owned by United
Way, and it’s not something to look back on or
reconsider. It’s done.”
And because the Warrens purchased their policy and
paid it up, it is not something that will come out
of their estate or take away from what they leave
for their family.
“There are lots of other opportunities,” said
Warren. “But, life insurance, I believe, is a good
vehicle. |
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