When properly arranged, life insurance offers an attractive way to leverage relatively low premium payments to make a major gift to the University. If you no longer need all the life insurance that you own, you may want to name the University as a beneficiary or contingent beneficiary. Any benefit the University receives from your insurance will be excluded from your taxable estate.

By taking the additional step of naming the University as irrevocable beneficiary and owner of your life insurance policy, you obtain an income tax charitable deduction equivalent to either the policy’s cash surrender value or replacement value. If additional premium payments are due, you can deduct those premiums as charitable contributions each year.