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Life Health > Life Insurance

Build a Lasting Legacy

By Michelle L. Hoesly

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“And as we let our own light shine, we unconsciously give other people permission to do the same.”

–Nelson Mandela

A beautiful part of life is the ability to touch the lives of others and make a positive difference in the world. It is often a priority of many to be able to build a legacy to live on even after their lives are over. After years of being dedicated to a cause or charitable organization, your clients may be interested in donating a sum of money to their charity of choice. Regardless of your clients’ net worth, there are several options to help them realize their dream of making a difference in the world after they’ve left it.

I heard former Million Dollar Round Table president Bob Plybon speak at a recent MDRT Top of the Table meeting and he reminded me that many of us would like to do something special for organizations that have captured our heart, yet it doesn’t seem right to use our children’s inheritance to accomplish it. What was different about what Bob shared is the amazing creativity he brings to crafting a bigger pie through the use of life insurance, making it possible to give more to everyone.

Purchase a paid-up policy

When one of Bob’s clients confessed his reluctance to pay $350,000 to his alma mater to lock in stadium seats, Bob suggested he offer a $1 million paid-up life insurance policy instead. The school was thrilled to be guaranteed the $1 million gift, yet the client spent half as much money using the discounted dollars of life insurance. By purchasing a paid-up policy, he was able to set aside anxieties about the gift, keeping it out of mind but ever-present in value.

Because of life insurance’s ability to generate more money and virtually build a financial legacy, it is an ideal way to help your client feel confident they will leave a donation large enough to make a lasting mark. Additionally, they will have peace of mind knowing they did not need to dip into their personal inheritances to family members, guaranteeing a satisfying financial gift to not only the charitable organization, but to their family as well.

We usually think of charitable gifts of life insurance involving endowment funds and annual premiums. Envisioning the much more powerful gift of a fully paid-up policy reminded me to rethink what current benefits might be provided by creatively using life insurance today.

Hoesly PicMichelle L. Hoesly offers investment advice through Resource 1 Inc. Securities are offered through Ceros Financial Services Inc. Member FINRA/SIPC (not affiliated with Resource 1 Inc.).

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