Office of Development
Planned Giving
Use Life Insurance to Support University of St. Francis
When you bought your life insurance policies, you felt a need for them. Perhaps you do not need all that coverage today. Yet, you may still have those policies.
An Easy and Beneficial Way to Give
A gift of your life insurance can be a sensible and generous course of action:
- You save taxes this year through an income tax charitable deduction when you make University of St. Francis the beneficiary and owner of the policy.
- If you are still paying premiums, University of St. Francis can make the premium payments and you can reimburse the university and claim the premium amount as an income tax deduction.
- You reduce estate taxes because the proceeds are completely removed from your taxable estate as long as you do not retain any incidents of ownership.
Would You Rather Keep It?
We realize that if you need life insurance for your future financial security or that of a family member, those concerns come first. But there are ways you can safeguard personal priorities and still remember University of St. Francis .
- Name St. Francis the contingent beneficiary and the university receives the proceeds should your primary beneficiary predecease you.
- Name St. Francis a beneficiary but keep ownership, and you retain control of your policies.
- Create a trust to receive the policy proceeds. The trust funds are invested for a family member's support after your lifetime; when that person dies, the trust remainder can be paid to St. Francis.
These plans will not entitle you to an income tax deduction. They will allow you to use the policies for personal and family responsibilities as long as required and subsequently support University of St. Francis.