Gifts of Life Insurance
How it works
- You transfer ownership of a paid-up life insurance policy to one of the tax-exempt organizations*.
- After the transfer, the tax-exempt organization* elects to cash in the policy now or to keep the policy and receive the death benefit later.
Benefits
- You receive gift credit and an immediate income tax deduction for the cash surrender value of the policy (technically, the "interpolated terminal reserve value" of the policy).
- In some cases, you can use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity.
- You can have the satisfaction of making a significant gift now to one of the tax-exempt organizations* without adversely affecting your cash flow.
A gift of life insurance is for you if ...
- You are maintaining insurance coverage that your family no longer needs.
- You hold few appreciated securities in your portfolio, or few that you wish to donate.
- You are a younger donor who wants to create an endowment for us from income instead of capital.
To learn more about gifts of life insurance, email us, complete the Information Request Form, or call us at 888.252.6363 so that we can assist you.
*BJU does not qualify as a 501(c)(3) tax-exempt organization, and gifts to it may not be deducted for federal income, gift, or estate tax purposes. The BJU M&G, MSF, HAF, DNSF, S&E Endowment Fund and GFA are all 501(c)(3) tax-exempt organizations, and gifts to these organizations may be deducted for federal income, gift, or estate tax purposes.
Planned Giving content © 2006 VirtualGiving
