Gifts of Life Insurance
A gift of your life insurance policy is an excellent way to make a gift to The University of North Carolina at Chapel Hill Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to The University of North Carolina at Chapel Hill Foundation. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction if you choose to surrender your policy or name The University of North Carolina at Chapel Hill Foundation as the owner and beneficiary. Your deduction for the gift of life insurance will depend on certain factors such as whether the policy has increased in value above the premiums paid, whether the policy is paid up or there are remaining payments to be made.
- Receive an estate tax deduction if you choose to name The University of North Carolina at Chapel Hill Foundation as the beneficiary of an existing life insurance policy.
How it works
- If The University of North Carolina at Chapel Hill Foundation retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums.
- If The University of North Carolina at Chapel Hill Foundation cashes in the policy, you will be able to see firsthand how your gift supports our charitable work.
- If you name us as a beneficiary of an existing policy, once the policy matures, the proceeds of your policy will be paid to Carolina so that we can further our charitable work in the manner you choose.
You can also designate The University of North Carolina at Chapel Hill Foundation as a partial or full beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Naming Carolina as a beneficiary of your life insurance policy involves three easy steps:
- Contact your insurance provider for a beneficiary designation form.
- Complete the beneficiary designation form and name The University of North Carolina at Chapel Hill Foundation as a beneficiary of your policy.
- Mail a copy of your beneficiary designation form to the Office of Gift Planning.
Is a gift of a life insurance policy a viable option for you? The Office of Gift Planning can help you think through the issues & your planning options. Please contact us for a free, confidential discussion. We would be happy to assist you and answer your questions.
