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Gifts of Life Insurance - Paid-Up Policy

Lifetime Insurance Diagram

How It Works

  • You transfer ownership of a paid-up life insurance policy through a change of owner form to the WVU Foundation.
  • WVU cashes in the policy now or maintains it and receives the death benefit later.

Benefits

  • You receive gift credit and an immediate income tax deduction for the lesser of the policy's fair market value (determined by an appraisal if more than $5,000) or the cost basis (such as premiums paid).
  • In some cases, you can use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity.
  • You gain the satisfaction of making a significant gift to support West Virginia University without adversely affecting your cash flow.

Next: Tell me more...

Please contact us so that we can assist you through every step of the process.

Questions and Answers


The policy is currently generating dividends sufficient to cover premiums. If dividends later are insufficient, will the WVU Foundation make up the difference?

How do I determine the amount I can claim for a charitable deduction?

What if I later need the policy unexpectedly?

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