By AnneMarie Hunter
As an expression of gratitude for his education at WSU, Kevin Penrod (’81) recently notified the university that he will be leaving a generous donation through his estate with a gift of life insurance. This $150,000 insurance policy will benefit the Cougar Athletic Fund, in particular the athletic facilities.
“It’s my way of saying thank you to WSU for sending me out in the world prepared with the fundamental skills for success,” says Kevin, who graduated from the Murrow College of Communication. “WSU also gave me the four happiest years of my life. I want to give back as much as possible.”
After WSU, Penrod initially pursued a career in broadcasting. In 1992, he became a successful financial advisor, with a focus on estate strategies and insurance.
“I already own sizable amounts of insurance coverage and other assets, so my family will be well taken care of,” he says. “With this policy, it’s my wish that WSU will be the beneficiary.”
As an insurance industry leader, Penrod knows life insurance policies are an excellent option for those who want to make a significant contribution to an organization. He also believes many people would like to donate, but feel limited by their current assets.
“What people don’t know is that a $50 a month life insurance premium could end up being a $150,000 donation. Life insurance is a way for anyone to be a major donor,” he says. “There’s also a common myth that you can only have a single life insurance policy, but you can actually own as many as you want.”
“If you’re under 40, there’s very little underwriting. Much of this can be done online and you’re free to make decisions in your own way, with your own budget.”
Whether it be a new or existing life insurance policy, your gift can be as simple as updating your beneficiary form with the policy holder. You can even make an outright gift of life insurance during your lifetime—with the possible benefit to you of a charitable deduction. Learn more here.
If you have questions about supporting Washington State University with a gift of life insurance, please contact the Gift Planning Office at 509-335-6686 or firstname.lastname@example.org to learn more.