Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to University of North Carolina School of the Arts Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to University of North Carolina School of the Arts Foundation. 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 University of North Carolina School of the Arts Foundation can pay the annual insurance premiums
- At death, the proceeds of your policy will be paid to University of North Carolina School of the Arts Foundation and your gift will be used to continue powering creativity in emerging artists
How to make a gift of life insurance
Life insurance gifts may be made in two ways:
- Designating University of North Carolina School of the Arts Foundation as the beneficiary of the policy. Contact your insurance provider for a beneficiary designation form, complete the form and share with University of North Carolina School of the Arts Advancement department.
- Purchase a new life insurance policy and transfer ownership of the policy to University of North Carolina School of the Arts Foundation and make a pledge to make annual premium payments to keep the policy in force. Please contact us prior to choosing this option as there are limitations.
Contact us
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 recognize you for your gift.
Additional Information
You can also designate University of North Carolina School of the Arts Foundation 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.
