Gift Of Life Insurance
An insurance policy no longer needed or one created specifically for the Foundation can ensure that students will always have educational opportunities. The Foundation must be the owner of the policy. You will be entitled to income tax deductions for the premiums, as well as for any existing cash surrender value.
While he is president of Edmonds Community College, Jack Oharah makes the college his priority every day.
But he and his wife, Elaine, have thought about ensuring that the college is a priority long after Jack is president. As part of their financial planning, they have established a $50,000 life insurance policy for the college.
"We established a policy with savings I'd had since I was 16 years old. We had always kept that money as a cushion and knowing it was there always gave us a sense of security and hope for the future," Jack said. "Now that our children are grown, we no longer need that cushion so we are giving that security and support to the college for its future."
The policy is given in memory of their mothers LaVerne Oharah and Antoinette DeCock and in honor of Jack's father, Verne, in recognition of their family's devotion to education.
Jack hopes that their $50,000 investment in the college will grow and will encourage others to make a commitment to the college.
"I've seen the great work that the Foundation is doing and I want it to continue long after I am gone," he said. "I hope this policy will enhance its programs."