In his career as a general agent managing a Rocky Mountain region spanning three states, longtime Bozeman resident Mike Anderson, 85, spent decades advocating for financial planning strategies that promote meaningful philanthropic outcomes. His commitment to this philosophy is exemplified by a planned life insurance policy purchased 40 years ago of which he gifted to Bozeman Health Foundation and has generated a significant return of more than seven times his cash contribution.

“Many people don’t realize the impact they can have through life insurance,” he said. “It’s not just about protecting loved ones; it can also be a powerful way to support the causes we care about. I see giving through life insurance as forward-thinking. You give money today to build something for tomorrow.”

This concept guided him throughout his career, which began after successful ventures in both banking and law. In 1971, Anderson, his wife and high school sweetheart, Jeannie, and their five children moved from Moscow, Idaho, to the Gallatin Valley, where he expanded his business as an agent with Northwestern Mutual.

The $50,000 life insurance policy he purchased in 1984 with a $60 monthly premium now holds a cash value of $121,000. The policy’s dividends after just 15 years of premium payments increased the death benefit to $147,277 and it will continue to increase annually—resulting in a big philanthropic impact.

He and Jeannie made the decision to direct his gift to support the Bozeman Health Neonatal Intensive Care Unit and expressed that it represents just one of many ways individuals can give to support areas they feel most passionate about.

Beth Warner, president of Bozeman Health Foundation, emphasizes the importance of Anderson’s contribution. The charity can use the policy’s cash value or continue premiums to build a significant gift in the future, she said, meaning a modest contribution can result in a much larger gift over the years. By allowing the policy to grow, you’re giving the charity an asset that appreciates, enabling a much bigger impact in the future than what a single lump-sum donation might achieve today.

“This gift not only underscores Mike’s dedication to the mission of improved health and well-being for our community, but also highlights how a person can make a significant donation without depleting their current assets.” — Beth Warner

Anderson noted the tax benefits associated with donating life insurance. Premiums paid on these policies are tax-deductible, and the death benefit is exempt from income tax. This makes life insurance a highly effective vehicle for individuals seeking to minimize tax liability while making a substantial charitable contribution, he said.

Anderson’s legacy with Bozeman Health Foundation stretches back five decades. In the early 1980s, he spearheaded a contentious fundraising campaign to relocate Bozeman Deaconess Hospital, now named Bozeman Health, from its downtown location on West Lamme Street to its current home on Highland Boulevard. His efforts were motivated by the need for future expansion, and today, the integrated health system’s growth stands as a testament to this vision—and the hospital where seven of his grandchildren were born.

Now retired, Anderson’s legacy is carried on through generations — his daughter Andrea Wass has worked for Northwestern Mutual for 37 years as a financial advisor, and his granddaughter Sophia Wass who is coming up on her fourth year as the firm’s marketing coordinator.

Andrea said that as a financial advisor, she continues an important role in helping clients navigate the nuances of integrating life insurance into their overall giving strategy. “As awareness grows, so does the potential for transformative contributions to our community’s nonprofit sector,” she said.

Through his gift, Mike Anderson’s enduring commitment to Bozeman Health—and his community—will benefit future generations, leaving a legacy as vital as the expansion he championed decades ago.