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Life Insurance

A donor can make a generous gift with a relatively small cash outlay. The donor not only is providing for a charitable gift for the Seminary, but also may benefit from substantial tax savings at the same time. By naming the Seminary as owner and beneficiary of an existing paid-up policy, a donor may benefit in the following way. You save an income tax deduction the year of the gift with carry-over privilege of up to five years if the donor is unable to use the full deduction in the first year. By giving the paid-up policy to the Seminary, the donor also removes the full face value of the policy from their estate.

If the policy is not fully paid up, a donor still may see significant benefits. The donor may receive a charitable income tax deduction of approximately the amount of the policy's cash surrender value at the time of the gift with the 5-year carry-over privilege, which is the same as for the paid-up policy. By making a further charitable donation each year to the Seminary, the donor elects to pay the premiums of the policy in this manner and is entitled to a charitable deduction for this gift. As with the paid-up policy, this policy is also removed from the donor's estate.