Gifts of Insurance
If you have a life insurance policy that has outlasted its original purpose, consider giving it to Western Michigan University Foundation. 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.
- Receive additional income tax deductions each year that you make additional contributions so that Western Michigan University Foundation can pay the annual insurance premiums.
- When you pass away, the proceeds of your policy will be paid to Western Michigan University Foundation to help ignite the potential, purpose and possibility of Broncos today, and for generations to come.
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include Western Michigan University Foundation as the beneficiary of your policy.
Contact us
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'd be happy to answer your questions or provide further assistance.
Additional information
You can also designate Western Michigan 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.
