A conversation with Matt Medley (99C), chair, Berry College Planned Giving Council
Many people think of life insurance as a way to
care for the people they love, and for good reason — the coverage provides security and peace of mind. What is less widely
known is that life insurance can also be a powerful way to support the causes and
organizations that matter most to you. When thoughtfully planned, a policy can
extend generosity beyond a lifetime and create lasting
impact.
That broader view resonated with Matt Medley (99C), chair of the Berry College Planned GivingCouncil. For Matt, life insurance became not just part of a financial plan but a meaningful way to support the college that shaped him. He has seen firsthand how life insurance can become a powerful and flexible charitable tool. In this conversation, he shares how it works, why it appealed to him and why it is worth considering at many stages of life.
At a basic level, how does a charitable gift to Berry College through life insurance work?
One of the first things I like to point out is that this approach works best when both the donor and the institution are thinking long term. Some organizations need funding immediately, and that is not always a great fit for this type of gift.
Berry has done a really good job positioning itself to receive gifts that come later. Life insurance allows someone to significantly amplify their giving. It is a way to double or even triple the impact because the largest benefit comes when the policy pays out. If someone is willing to think long term, their generosity can go much further than they might expect.
What are the main ways someone can use life insurance charitably?
There are two primary approaches.
One option is transferring ownership of a permanent life insurance policy, such as whole life or universal life, to Berry. When Berry owns the policy, the college can decide whether to keep it or surrender it for its cash value. As a tax‑exempt organization, Berry can receive that value without paying income tax, which helps maximize the impact of the gift. If you itemize, you may be able to claim a current‑year charitable deduction, and the policy may be removed from your taxable estate.
The other option is retaining ownership of your policy but naming Berry as a full or partial beneficiary. In that case, Berry would receive the proceeds after your lifetime. This offers greater flexibility because you can change the beneficiary if your situation changes, although there is no charitable income tax deduction during your lifetime. Your estate may claim a charitable estate tax deduction later.
Many people already have life insurance. If someone already has a life insurance policy, can they use that for a charitable gift, or does it need to be a new policy?
Often, an existing policy can be used. Not every type of policy works the same way, but in many cases, you can name Berry as a beneficiary. Even something simple, like designating 10% of a workplace life insurance policy, can make a meaningful difference.
That's something we encourage people to keep in mind: you don't have to give the entire policy. A portion of what you already have can become a gift to Berry.
What does an ideal charitable life insurance gift look like, in your experience?
In the most ideal setup, you would set Berry as both the owner and the irrevocable beneficiary of the policy. The college would have full control and the gift can never be changed, but after you go through underwriting and the policy is issued, your life is insured. Then, you make the payments for the policy directly to Berry earning credit for tax deductible charitable contributions. Berry then pays the insurance premiums. This structure really checks all the boxes and provides the greatest long‑term benefit to the college along with the security you desire.
Was there an "aha" moment when you realized this was the right way for you to give?
It really came down to discovering that this option existed. If I had not known about it, I probably would have just written a check each year.
Once I understood how it worked, I realized this was a great way to amplify my gift. In my case, my employer also matched my contributions, which made the impact even larger. When I started, it was not a big policy. I was early in my career. But it allowed what I could give to stretch much further over time.
Does age matter when it comes to charitable gifts through life insurance?
It does. The younger you are when you start, the lower premiums tend to be and the more time the policy has to grow.
The policy I used is a limited‑pay whole life policy. Rather than paying premiums for your entire life, payments are completed after a set number of years, often during your highest earning years. In my case, the payments will be finished before retirement, which makes it manageable and appealing.
What impact do you hope your gift will eventually have at Berry?
I do not have a specific designation yet, but my heart is with students who face real financial barriers.
My father passed away when I was 9, and my mom did an incredible job raising us on a teacher's salary. There were still gaps when it came time for college. I know what it is like to love a school, be a great fit and struggle to afford it. Those are the students I care the most about helping.
What would you say to alumni who feel they cannot give much right now and plan to think about planned giving later?
I would encourage them to at least take a look. Just like investing, there is power in starting early, even with smaller amounts.
People are often surprised by how much a modest commitment can become over time. Starting earlier can actually create a bigger impact than waiting to give more later.
If someone is interested, where should they start?
A great first step is reaching out to Berry's planned giving team. If someone already works with an insurance professional, that person can usually help as well, in coordination with the college.
There is not one specific company someone has to use. What matters most
is making sure the gift is structured correctly so
that it supports Berry's mission and aligns with your goals.
Life insurance is not just about protection. It can also be a meaningful
way to support Berry College for generations to come. As Matt's experience
shows, this option offers flexibility, long‑term impact and an opportunity to
turn thoughtful planning into lasting generosity.
