Falwell's Life Insurance Pays off Liberty's Debts

The Lynchburg News & Advance explains: "Liberty University recently announced that it was able to pay off its debt through $29 million in life insurance policies taken out on the Rev. Jerry Falwell, who died May 15 at the age of 73. Falwell’s son, Jerry Falwell Jr., said Liberty solicited several insurance providers in 2003 in order to do just that. Coupled with existing plans, the school was able to come away with a single $21 million policy with a $1 million annual premium. Falwell left a total of $34 million to Liberty University and Thomas Road Baptist Church. His son said Falwell had purchased six to eight insurance policies through three or four insurance companies."