When shopping for insurance, Denise Heinemann, former dean of the College of Health Professions and Social Work, found a new option that allowed her to leave FGCU a gift that wouldn't cost her a dime.
By naming the university as a beneficiary of the no-cost institutional charitable benefit rider on her new universal life insurance policy, FGCU will receive 1 percent of the policy's face value. The best part: It will be paid by the insurance company and won't be deducted from the policy itself.
"After comparing companies, when I saw that extra benefit, there was no contest," she says. "It was an eye opener." Leo Boisvert, a member of the FGCU Planned Giving Advisory Committee and managing partner of Private Wealth Consultants in Fort Myers, says, "Policies are like cars: They change. They add new bells and whistles."
He advises that because of periodic changes, people should review their policies and compare them to newer forms every few years.
With policies such as universal life, "some people are lowering their premiums and taking the money they save and donating it," Boisvert says.