Giving ~ Deferred Giving ~ Life Insurance
Life Insurance
Paid-up life insurance policies provide an excellent opportunity for accomplishing charitable objectives. If the circumstances under which a life insurance policy was purchased no longer apply, you may wish to consider putting that money to work for General Seminary. This may be done by designating the Seminary as the sole owner and beneficiary of an existing or new policy. In some circumstances, the Seminary will accept policies toward which the donor is still paying premiums. However, in the event the donor cannot fulfill the full premium obligation, the Seminary is unable to assume payments.
Advantages: When a paid-up policy is contributed to the Seminary, the allowable deduction is equal to its replacement value, unless that amount exceeds your tax basis in the policy, in which case the deduction is limited to the basis. If premiums remain to be paid on the policy, the deduction is generally equal to the interpolated terminal reserve value of the policy, an amount slightly in excess of the policy’s cash surrender value.
For further information please contact
Bruce E. Smith
Associate Vice President for Institutional Advancement and Alumni/ae & Church Relations
212-243-5150, ext 286
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