Aug 30
‘Gift of a Lifetime’
Oklahoma State University announced 1 that more than $250 million in life insurance commitments had been made to the school. The funds, part of the “Gift of a Lifetime” program, will support the school’s athletic department. The monies have been earmarked for athletic scholarships, operations and facilities.
The college worked with alumni of various ages who qualified for $10 million in individual life insurance policies, agreeing to name the school’s athletics department (Cowboy Athletics) as beneficiary. Cowboy Athletics will pay the insurance premiums.
Alumnus T. Boone Pickens was credited with the idea. He said the program gives participants the opportunity to monetize good health. OSU’s athletic director, Mike Holder, sees the program as a key funding step in helping the university compete with other Big 12 schools. “This program is evidence of our loyal supporters’ willingness to embrace new ways to help their university,” he said.
Twenty-five alumni have qualified for the program so far. The program is a form of “testamentary giving,” in which the donor’s life insurance policy will be held by the university. School officials believe that this is the first time that a collegiate athletics department has used a life insurance program on such a large scale.
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August 30th, 2007 at 11:12 pm
Wow… those OSU Cowboy fans are not messing around, huh? While I admire their dedication with this life insurance giving plan (10 million?!), it invariably must lead to the question of how many alums would be willing to take out a similar policy to benefit the academic endeavors of the school.
Jerry
http://www.leads4insurance.com