Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to the James Madison University Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to the James Madison University, Foundation, Inc. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
- Receive additional income tax deductions each year that you make additional contributions so that James Madison University can pay the annual insurance premiums
- At death, the proceeds of your policy will be paid to our organization and we will use the insurance proceeds to continue our charitable work
- Create your legacy at Madison, help an area you are passionate about, and know you will make a difference for future generations
How to make a gift of life insurance
To make a gift of life insurance, please contact the JMU Foundation to discuss the type of policy in regards to our specific requirements.
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and ensure your wishes are honored.
You can also designate James Madison University as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on the whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.