Giving life insurance can be done in two ways, to make an immediate impact or to benefit the university in the future.
To make an immediate gift of life insurance:
A paid-up policy you no longer need can be cashed in to benefit the university, establish an endowed fund, or assist a capital building project or other need. Your income tax deduction would be roughly equal to the surrender value of the policy.
A current policy (on which premiums are being paid) can be used to make an outright gift for which your income tax deduction would be roughly equal to the policy's surrender value. Continued premium payments you make would also be tax deductible.
To make a gift of life insurance without transferring policy ownership:
For any life insurance policy you own, you can name the Virginia Tech Foundation Inc. as beneficiary. Simply complete a form supplied by your insurer.
For group term life insurance provided by an employer, with employer-paid premiums, you can name the Virginia Tech Foundation Inc. as the policy beneficiary and avoid paying taxes you would otherwise owe on the premiums.
To learn more, please contact the Office of Gift Planning at firstname.lastname@example.org or 540-231-2813.