Posted on 08/27/2007 7:59:33 AM PDT by Gopher Broke
Falwell's insurance policies pay off Liberty University debt
Associated Press Staff Reports
OneNewsNow.com
August 26, 2007
LYNCHBURG, Va. - Dr. Jerry Falwell had life insurance policies worth $34 million and the money has been used to erase the debt of Liberty University, the school he founded.
The televangelist's son, Liberty Chancellor Jerry Falwell Jr., says his father named the university and Lynchburg's Thomas Road Baptist Church as beneficiaries to protect their future.
The policies left $29 million to Liberty and another $5 million to the 22,000-member Thomas Road congregation, which Falwell had led, according to the News & Advance of Lynchburg.
Falwell Jr. said his father used to joke that when he "kicked the bucket" the school would get a windfall. Falwell, a founder and leader of the Moral Majority, died in May.
All Original Content Copyright 2006-2007 American Family News Network - All Rights Reserved
That’s awesome. Good for him and God bless him.
Imagine that, not asking the govment for a bailout.
Let not your left hand know what the right hand is doing.............
What a wonderful thing to do.
What a tribute to the man for looking that far ahead.
What will Jesse leave the Rainbow Coalition?
Maybe you should have withheld your comment, as we now know what you’re thinking. The “left hand” knows what your “right hand” was doing.
Or would you rather everything just be kept a secret? That’d make for a pretty boring FR. Don’t you come here to get and discuss news? Or do you prefer ignorance?
I really don’t understand your comment, frankly.
I meant it as a complement. He DID keep his actions private until after his death. Just as the Lord wants...................
Easy, YARD CHILDREN if you get my drift.
That’s pretty incredible. I was not among his acolytes but I’ll tip my hat to him. Nicely played. Let’s hope it doesn’t go to waste.
I wonder what kind of premiums he was paying?
Great that he thought to do this.
Unselfish man, now with the Lord.
Paying off Liberty U's debts was good. The other part may not be so good in the long run. It has been my observation that churches that have independent funding get to where they do not rely on members for their strength and survival. Virtually all of Europe is a case in point.
Matthew 6 ( the Sermon on the Mount)
1Take heed that ye do not your alms before men, to be seen of them: otherwise ye have no reward of your Father which is in heaven.
2Therefore when thou doest thine alms, do not sound a trumpet before thee, as the hypocrites do in the synagogues and in the streets, that they may have glory of men. Verily I say unto you, They have their reward.
3But when thou doest alms, let not thy left hand know what thy right hand doeth:
4That thine alms may be in secret: and thy Father which seeth in secret himself shall reward thee openly.
5And when thou prayest, thou shalt not be as the hypocrites are: for they love to pray standing in the synagogues and in the corners of the streets, that they may be seen of men. Verily I say unto you, They have their reward.
6But thou, when thou prayest, enter into thy closet, and when thou hast shut thy door, pray to thy Father which is in secret; and thy Father which seeth in secret shall reward thee openly.
I appreciate your patient and gracious reply. I’m a bit eager on these kinds of threads to interpret comments as though they’re negative, and to respond in kind. I’m sorry.
That's probably why it was only $5 million for the church. With a church that size (huge), $5 million doesn't go all that far and definitely doesn't put it in a position of being financially independent.
I bet the Church was paying the premium. I would have been a huge premium to cover 34 million at his age. He condone it but the Church was insuring him.
Imagine a conservative actually planning for the future? sarc.
It is not uncommon for lenders to require insurance in such cases. So before I give too many accolades, I’d want to know if it was required or voluntary, and who was paying the premiums.
Try reading the Bible. It might make sense to you then.
It is not uncommon for lenders to require insurance in such cases. So before I give too many accolades, I’d want to know if it was required or voluntary, and who was paying the premiums.
_______________________________________________
True. It was almost definitely the church, Liberty U., or a group of donors that were paying the premiums.
I should suggest this concept to my university’s president.
Um. Huh?
Matthew 6:1-4 for context.
Matt 6:3 - But when thou doest alms, let not thy left hand know what thy right hand doeth
Now do you understand Red Badger’s comment at 4, and my suggestion to you to your statement that you did not understand it that you try reading the Bible to make sense of the comment?
I think he/she understood, but thought I was being sarcastic...........I should have added a “Well done, thou good and faithful servant!” to my post......
How much did he pay for insurance that yields 34M for death at age 74, of natural causes?
It’s not Scripture that I don’t understand. It was Red Badger’s reference to that particular Scripture that I didn’t understand. Did you read Red Badger’s explanation of his comment in comment #10, as well as in comment #29?
Initially I thought Red Badger was insulting/attaching Dr. Fallwell. Turns out he was honoring the man. Is your referencing Matt. 6:1-4 also meant as a way to honor Dr. Falwell as well?
It was an attempt to explain a reference to a well known Bible verse.
As for me, I'm withholding an opinion either way until my two questions in post 23 are answered. I'll give him the honor IF the insurance was voluntary, and if he was the one paying the premium.
The school was paying the premium on the largest policy.
He said the ministries were surprised when an insurance company sought out his father when he was 70 years old to sell a policy to him with full knowledge of his health record. Falwell, who was 73 when he died, had a history of heart problems.
Falwell Jr. said his father had purchased between six and eight insurance policies through three or four insurance agencies. Falwell Jr. said later Friday he wasn't sure offhand of the names of the agencies.
A $21 million policy bought in 2003 cost the school about $1 million annually, Falwell Jr. said.
"A lot of people were surprised that we were even able to buy a policy like that at that age but looking back it was a good decision," he said. "He was the one that really wanted to buy these policies - I sort of stayed out of these meetings because you like to think your father will never die."
His father looked at the policies as a way to ensure the future of the college, and the most recent policy was bought in September 2006, Falwell said.The insurance money will help put the rapidly-growing university on solid footing. LU expects more than 10,000 students on campus this year.
Wow.
I’ve never been a big fan of Jerry Falwell’s.
But this is impressive.
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