Gift of Life Insurance
Gifts of Life Insurance are easy to make. They may generate a charitable tax deduction and they may not disturb other assets or cause a loss of income.
Charitable deductions for Gifts of Life Insurance vary according to the status of the policy.
For a policy that is not paid up – the charitable deduction is generally slightly higher than the policy’s cash surrender value.
If a policy is paid up – the deduction is limited to the present cost of a comparable policy if you went out now and bought a new one.
If you make annual premium payments on a donated policy the premiums are deductible. If you assign a policy’s dividends to a charity you can deduct the dividend payments as charitable contributions.
For any questions you may have on a Gift of Life Insurance, please contact us. We will be glad to help you.
Tim Bowman
Financial Planning Officer
Indiana Wesleyan University
4201 S. Washington Street
Marion, Indiana 46953
tim.bowman@indwes.edu
(765) 677-2466
Brian Lewis
Director of Estate Planning and Planned Giving
Indiana Wesleyan University
4201 S. Washington Street
Marion, Indiana 46953
brian.lewis@indwes.edu
(765) 677-2466
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