Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to Boston University. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Boston University. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
You can assign ownership of the policy to Boston University and upon completion of the transfer the University will surrender the policy for its cash value. You can also designate Boston University as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own the policy during your lifetime. 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.
Benefits of gifts of life insurance
- If you transfer ownership of the policy you may be eligible for an income tax deduction for the value of the policy. You will be able to see firsthand how your gift supports our charitable work.
- By naming Boston University as a beneficiary, your estate may benefit from an estate tax charitable deduction.
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider for instructions to transfer ownership of the property or to make changes to beneficiary designations.
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.