A gift of your life insurance policy is an excellent way to support Purdue. If you have a policy that has outlasted its original purpose—such as a policy that was intended to provide for minor children who are now financially independent adults—consider making a gift of your policy to Purdue. You can designate Purdue as a beneficiary of your policy to make a generous contribution as part of your legacy. If you also make Purdue the owner of the policy, you may be entitled to current income tax deduction.
How You Benefit:
- You receive a charitable income tax deduction when Purdue becomes the owner of the policy
- If Purdue retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If Purdue cashes in the policy, you will be able to see how your gift supports our University
How It Works:
Contact your life insurance provider, request a beneficiary designation form from the insurer, and include Purdue University as the beneficiary of your policy. If you have already included Purdue as a beneficiary of your life insurance policy, please let us know. We would like to recognize you for your generosity.
If you want to make Purdue the owner of your life insurance policy, please let us know. We can provide the necessary information your insurance provider will need to make the change.
Questions? Contact the Office of Planned Giving at 765-494-2727 or firstname.lastname@example.org.
You can designate Purdue as a full, partial, or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate-tax charitable deduction.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether there are remaining payments to be made.