Lori Gearhart Uses Insurance Policy to Aid Dentistry Students
Her volunteer work with the School of Dentistry inspired Lori Gearhart, D.M.D., to give, and she chose to make a gift to UAB Dentistry in a creative way—through an insurance policy. “Serving on the dental school’s Alumni Association Executive Council helped me to understand the financial challenges our school faces each year, especially considering the recent cutbacks and economic changes,” she says.
Gearhart also has helped raise money for the alumni association and has “seen firsthand the effort this requires,” she says. “I wanted to ensure that my contribution was established and easily managed. After much consideration, I learned that a life insurance gift is a great way to turn my charitable dollars into a substantial gift for the UAB School of Dentistry. Actually, it is a low-cost way to provide a large benefit.”
“Gifting life insurance can be a win-win situation,” says Scott Huffman, executive development director for UAB Dentistry. “There are several types of insurance the UAB Educational Foundation accepts. When UAB owns the policy, the donor can receive a charitable tax deduction for the amount of annual premiums paid or the cash value of the policy. The donor can even designate how the funds will be used in the future—as unresticted or for renovations, scholarships, professorships, chairs, and other endowments.”