Apply for a new policy naming Tulane as owner. Name Tulane as a primary or secondary beneficiary of your policy. Assign excess group term insurance to Tulane. If you make Tulane the owner of a policy, any premiums you pay are deductible charitable contributions. Insurance gifts afford a donor the opportunity to leverage premium payments into a substantial future gift to Tulane.
Insurance also can be a part of a wealth replacement plan.
Using tax savings from the deduction, a life insurance policy on the donor's life is purchased to replace all or part of the assets donated to Tulane. Policy proceeds go to the beneficiaries chosen by the donor. Advantages Simplicity - Ask your insurance company for the beneficiary designation form or assignment form. Proceeds can be paid quickly to Tulane without going through the probate process. Estate tax and, in some cases, income tax savings may be achieved.