A life insurance plan may be the easiest way for you to make to greatest impact on Alma College and our future students because the cost for a generous life insurance policy can be relatively low. Policies which are fully paid make excellent charitable gifts. If Alma is named owner and beneficiary of the policy, you can deduct the full replacement value as a charitable deduction. New insurance policy . Some people find they can make a much larger gift than they could otherwise afford by purchasing a life insurance policy and naming Alma College as owner and beneficiary.
All premiums paid are deductible as cash contributions.
Adding a beneficiary . Almost anyone can name Alma College as secondary or final beneficiary of a new or existing policy. That simply means that if the first or second beneficiary predeceases you, Alma College becomes the beneficiary. Because the gift is not definite, there are no income tax benefits, but any funds received by us are deductible for federal estate tax purposes. If you have already included Alma College as a beneficiary in your life insurance, be sure to inform the Alma College Planned Giving Office.