Gifts of Life Insurance
If you have a variable, whole or universal life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to WBUR. 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
- If you transfer ownership of the policy you may be eligible for an income tax deduction for the value of the policy.
- By naming WBUR as a beneficiary, your estate may benefit from an estate tax charitable deduction.
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider for instructions to transfer ownership of the policy or to make changes to beneficiary designations.
- You can assign ownership of the policy to WBUR. Upon completion of the transfer WBUR will surrender the policy for its cash value.
- You can also designate WBUR as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own the policy during your lifetime. 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.
WBUR is a 501(c)(3) tax-exempt organization, licensed by Boston University and whose legal name is Trustees of Boston University. Thus, your gift should be made to "Trustees of Boston University for the benefit of WBUR." WBUR will be the sole recipient of your gift.
If you have any questions about making a gift of a life insurance policy, please contact us.