“TRAVERSE CITY — Northwestern Michigan College officials propose doubling President Tim Nelson’s life insurance benefit to $1 million, a perk that would cost taxpayers thousands of dollars extra in premium costs.”
This would mean that the same amount of money that goes to Nelson’s beneficiary will go to the community college. Nelson isn’t getting any more money, this is just a way to get money for the school. However, their policy payments will go up and taxpayers will not be happy. This article also says that this amount far outdistances the highest life insurance benefits given at other community colleges. When asked about why they wanted to increase it by such a large margin, the school said that they care more about their school than other community colleges. I am guessing they are planning for the future. That is something we all have to think about at times like these.
check out the article here: