Outright Gift of Life Insurance
A Powerful and Simple Way to Support U-M
When the original purpose for a life insurance policy no longer applies—such as providing for children who are now grown or providing financial security for a spouse—your policy can become a powerful and simple way to support the University of Michigan. There are three ways to give life insurance to U-M:
Name the University of Michigan a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate the University of Michigan as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name U-M as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name U-M as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes.
How You Can Benefit From Giving Life Insurance
Learn more about this simple gift by downloading your FREE copy of our informative guide Expand Your Charitable Reach.View My Guide
See How It Works
- Contact the Office of Planned Giving at (734) 615-2022 or firstname.lastname@example.org for additional information on life insurance.
- Seek the advice of your financial or legal advisor.
- If you include U-M in your plans, please use our legal name and federal tax ID.
Legal Name: Regents of the University of Michigan
Address: 3003 S. State Street, Ann Arbor, MI 48109
Federal Tax ID Number: 38-6006309