Donate a Paid-up Life Insurance Policy for Current Tax Savings
Has your life insurance policy outlived its original purpose? If you purchased life insurance years ago to make sure that a mortgage would be paid or to educate your children if you weren’t there, you will undoubtedly find that your family’s financial needs have changed since then.
This may be a good time to recycle that policy and use it to support Brooklyn College by naming the school as the beneficiary and gifting the policy to the school. If you donate your paid-up policy to the Brooklyn College Foundation, you will be entitled to a current income tax charitable deduction equivalent to the terminal reserve value, which is roughly equal to the cash surrender value of the policy.
To make a gift of your life insurance policy, please contact your insurance company to request a beneficiary designation form and ask for instructions for transferring ownership of policy to a charitable organization.
If you are not ready to donate your policy, you can still support Brooklyn College by naming the Foundation as a beneficiary of a portion of the death benefit.
Discussing your gift with our staff is the best way to make sure it will be used according to your wishes. Allowing us to publicly recognize your gift by enrolling you as a member of our legacy society will help inspire other alumni to include the Brooklyn College Foundation in their plans.
Call the foundation office at 718.951.5074 and ask for Beth Farryn Levine or Michael Iadarola for help in planning your gift.