Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to The University of Akron Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to The University of Akron Foundation. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
- If The University of Akron Foundation retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If The University of Akron Foundation cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to our organization so that we can use the proceeds to further our charitable work
How to make a gift of life insurance
One option is to name The University of Akron Foundation as a partial, full or contingent beneficiary of your insurance policy, while you remain the owner of the policy. Your estate may benefit from an estate tax charitable distribution if you have a taxable estate. Alternatively, The University of Akron Foundation may agree to serve as both owner and beneficiary of the policy. This is determined on a case-by-case basis and must be approved by the Executive Director of the UA Foundation.
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include The University of Akron Foundation as the beneficiary of your policy.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.
Contact us
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
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