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Your path to this gift:
You're considering a gift made after your death > You prefer to make a gift from income instead of principal
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You may be surprised to learn that your surplus, paid-up life insurance policies can be used to fund a gift to University of the Sciences in Philadelphia. If, for instance, you acquired several life insurance policies when your family was younger, with the children now grown the coverage may be more than you need. If you donate a policy, your charitable deduction will be the lesser of the fair market value of the policy – we can guide you in determining this – or your cost basis, which is the total of your net premium payments.
Alternately, your annual income may be healthy, but you know that ongoing family obligations will make it difficult for you to accumulate capital. You want to make a significant gift to USP, but wonder how you will gather the resources to do so. If you take out a new life insurance policy as a gift, you can deliver a large benefit to us from income rather than capital. You will make deductible annual gifts to us in the amount of the premium payments; we will, in turn, pay the premiums to the insurer.
You can also transfer ownership of an existing policy which is not yet paid up. Your charitable deduction will be determined in the same way as if you had given us a paid-up policy. We reserve the right to surrender your policy or to keep it in force; you can make deductible gifts to offset our premium payments if we elect to continue the policy.
Email us, complete the personal illustration form, or call us at 888-857-6264 so that we can assist you through every step of the process.
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