Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to The Ohio University Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to OHIO. 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 The Ohio University 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 Ohio University Foundation cashes in the policy, you will be able to see firsthand how your gift supports our campus community
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to The Ohio University Foundation so that we can use the proceeds to further our mission
How to make a gift of life insurance
- Request a beneficiary designation form provided by your life insurance agent.
- Complete the form by naming The Ohio University Foundation, Tax ID number 31-6402269 as a beneficiary, sign and mail the form back to your insurance agent.
- Make our office aware of your intentions by providing a copy of the beneficiary designation form, and completing any gift designation paperwork necessary.
- If you are interested to make The Ohio University Foundation the owner and beneficiary of your life insurance policy, please contact us for more information.
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
You can also designate The Ohio University Foundation as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made. Your deduction will be based on a qualified, independent appraisal.