Freedom

Christian School Puts Financial Faith In Death

Richard Incandela came to Heritage Christian Schools as a smooth talker selling a creepy product. In return for recruiting school staff and student relatives to sign up for life insurance policies, naming Heritage as beneficiary, the school was told in 2004 it could reap millions of dollars when the insured people died. The death benefits were meant to help build an endowment and lower tuition to entice more students at a time when enrollment was plummeting. The two-time felon was a persuasive salesman. The school ultimately spent $1.5 million to buy about 40 policies, mostly on school staff and administrators, each with a $250,000 payout on death.
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Posted by Editor at January 30, 2010 01:22 AM