First In America Life Insurance
Sometimes donors may reach the point where life insurance is no longer needed because it has no financial significance for you, your family, or others. In that case, you may wish to make a gift of the policy to the College.
A gift of life insurance can result in an immediate income tax deduction. There are also estate tax advantages since the policy proceeds are not included in your estate.
Gifts of life insurance can include:
You can assign ownership of a fully-paid policy to Dickinson College. In return, you may take a tax deduction approximately equal to the policy replacement value but not more than your cost basis.
You can assign ownership of a policy that is not fully paid. In return, you receive a charitable contribution deduction for the current cash value of a policy.
The third way to make a gift of life insurance is to take out a new policy, naming Dickinson College as both the owner and beneficiary. The premium payments on the policy made by you to the College and then to the insurance company are fully deductible as a charitable contribution.
You can choose to turn in a policy for its current cash value and use the cash to make a gift to Dickinson College. Such a gift could be made outright or could be used to set up a life income gift for you or another beneficiary.
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