Lipscomb University, a small religious school based in Nashville, Tenn., tells alumni on its website that they can arrange to give the school $50,000 at no cost to themselves through a “Lend Your Life to Lipscomb” initiative. As the university outlines the plan, Lipscomb takes out a $1 million life insurance policy and an annuity policy on a donor. To finance the deal, the university borrows money from a lender. A combination of a low-interest rate loan, cheap cost of insurance and high ...

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