You can cash it out, and give the policy to your alma mater or a favorite charity. if you have altruistic inclinations. Donating life insurance "packs a whole lot more punch" than donating cash, Consider two alumni who each want to donate $50,000 to their fraternity, While one donates $50,000 in cash, the other has paid premiums of $20,000 for a policy that provides $50,000 in death benefits to the frat. You also can split the beneficiaries among two or more organizations--say your college and your local food bank. continue on www.careinsure..com