Gifts of Life Insurance
Sometimes, donors find themselves with life insurance policies they no longer need following the death of a spouse or after their children are grown. By contributing such a policy to Millikin University, you can make a wonderful gift and reduce taxes that may otherwise be due upon your death. Millikin can be named as a beneficiary, or owner-beneficiary, of a life insurance policy. You can donate your existing policy by making Millikin the owner, and you will receive an income tax deduction for the fair market value of the policy, or your cost basis, whichever is less. If premiums remain to be paid, you can receive charitable income-tax deductions for contributions to Millikin to pay these premiums. Millikin may surrender the policy for its cash value or hold it and receive the proceeds at your death.
Alternatively, you can choose to maintain ownership of your policy, and name Millikin as a beneficiary, either of the entire policy, or a percentage thereof. This option gives you the flexibility to change beneficiaries in the future, should your circumstances change. Please note, with this option, the annual premium payments are not considered a charitable income-tax deduction, because you retain ownership of the policy.