To provide a framework for gifts of life insurance policies.
May, 2023Responsible Office
A donor may make the University a beneficiary of a life insurance policy for a percentage or specific amount of the policy. A donor may also name the University a contingent beneficiary of a life insurance policy. The donor’s estate will receive a tax credit for the gift at death.
A donor may instead name the University as both the owner and beneficiary of a life insurance policy. If the policy is not paid up at the time of transfer, the donor must remit future premiums to the University in a timely manner. The University will issue gift receipts for the cash value of the policy upon transfer, and for the amount of the premiums as paid. All proposed gifts of life insurance policies must be approved by the Office of Planned Giving.