Oklahoma State University (OSU) announced today that it will benefit from more than $250 million in life insurance commitments to support athletic department initiatives through an innovative program entitled “Gift of a Lifetime.”
The announcement was made by OSU Athletic Director Mike Holder, who also serves as president of Cowboy Athletics, Inc. He said the money will be used to endow athletic scholarships, facilities and operations and will significantly advance the school's effort to be competitive in the Big 12 Conference...
...OSU's "Gift of a Lifetime" program involves selected alums in a broad age spread who have qualified for $10 million individual life insurance policies and agreed to name Cowboy Athletics the beneficiary. Cowboy Athletics is paying the premiums. So far, 25 alums have qualified for the program, which is a form of testamentary giving...
...It is believed to be the first time collegiate athletics has used a life insurance program on such a grand scale, Holder said...
Universities around the country are watching this intently, hoping that maybe they can convince some of their alumni to have insurance policies taken out with the athletic department as beneficiary. It is a twist on the "dead peasant" insurance policies that some companies were taking out on their employees, without their knowledge. |