Gifts of Life Insurance - Paid-Up Policy: The Details
Donate a policy, take a deduction, deduct future premium payments, if any, and make an extraordinary gift. You’ll also get the proceeds out of your taxable estate.
Is this gift right for you?
A Gifts of Life Insurance - Paid-Up Policy is for you if…
- You are maintaining insurance coverage that your family no longer needs.
- You hold few appreciated securities that you wish to donate.
- A significant charitable deduction would be useful to you this year.
Are you still carrying life insurance policies your family no longer needs? Consider giving those surplus policies to Yale. You might help us more than you ever thought possible by using an asset you considered surplus.
Make your gift by naming us the irrevocable owner and beneficiary of a paid-up insurance policy on your life (this arrangement makes the gift complete in the eyes of the IRS).
You will receive an immediate charitable deduction for your gift. It will be the lesser of the policy's fair market value — we can guide you in determining this — or the total of your net premium payments.
We reserve the right to keep a donated insurance policy in force during your lifetime or to terminate it sooner for its cash-surrender value.