Life Insurance Policy Beneficiaries
Life insurance is a popular method of providing much-needed funds to a beneficiary at your death. It is also a low-cost way to provide a large benefit for someone in need. Life insurance proceeds are almost always income tax–free to the beneficiary. The beneficiary designation in your life insurance policy determines where the proceeds will be distributed. The death proceeds, therefore, are not typically transferred through your will. Life insurance can be distributed to a charitable organization such as the University of Tennessee Foundation, if we are named as a beneficiary of the policy at the time of your death.
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Contact your insurance company for its change of beneficiary form for the life insurance policy. If you would like to name UT as a beneficiary, simply decide what percentage of the policy's value (0–100 percent) you would like us to receive and name us, along with the stated percentage, on the beneficiary form. Then return the form to your insurance company.
For More Information
Please consult an estate planning attorney before deciding who will get what in your estate plan. We can also help you learn more about arranging a gift that will make a lasting impact at the University of Tennessee. Contact Woodrow "Woody" M. Henderson at (865) 974-2326 or firstname.lastname@example.org.
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.