Life Insurance is Often a Forgotten Asset

When life changes, and life insurance is no longer required, a policy can be an unexpected asset that can make an impact at Kent State.Similar to a revocable bequest, the policy can be designated upon death to support the university Foundation, as a partial or full beneficiary. (Use the legal name, Kent State University Foundation, Inc. with Federal Tax ID# 34-6576307.)

Gift of Insurance

Insurance

Kent State

Other benefits: If you don't wish to change your will, and incur the cost of a codicil, a life insurance policy can help you. There's no cost to changing beneficiaries of your life insurance policy, and if the purpose of the future gift changes, you can simply document that fact to us, without having to complete a new form.

An immediate charitable deduction: Another option for those whose life insurance policies are obsolete, and who are interested in a charitable deduction, is to transfer ownership of the policy to the Kent State University Foundation.

• Fully paid up : You can use the surrendered cash value as your charitable deduction.
• Partially-paid up : You can receive a charitable deduction at the lesser of the cost basis or the policy's value. AND indirect payment of premiums as a charitable gift.
• New policy written on you with a single premium/single beneficiary. You receive donor recognition at the level of the death benefit to be paid out to Kent State.

For more information on how you can make a gift to Kent State using your life insurance policy, contact the Center for Gift and Estate Planning at 330-672-1000 or email us at [email protected]