Life insurance is a way to make a significant gift to Wentworth without a large cost to yourself. In addition, life insurance is a popular charitable gift because the need for it usually decreases with age.
You can donate either a paid-up life insurance policy or a policy where you are making monthly premiums. Both types will allow you to receive a charitable income tax deduction. In some cases, you may even carry over that tax deduction for an additional five years.
Donating a paid-up life insurance policy
How it works
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You transfer ownership of a paid-up life insurance policy to Wentworth Institute of Technology.
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Wentworth will either cash in the policy right away, or will hold on to the policy and receive the benefit later. |
Benefits
- You have the ability to make a large gift to Wentworth now, without a large cost to yourself.
- You will receive a current income tax deduction.
- You will have made a significant gift to Wentworth.
- You will become a member of Wentworth's Giving Society.
Donating a life insurance policy where you are still paying premiums
How it works
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You name Wentworth Institute of Technology as the owner and beneficiary of either a new (or existing) life insurance policy where you are paying the premiums.
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Wentworth will receive the policy payment upon your death. Or, if you should lapse on the payments, Wentworth can either receive the current surrender value of the policy; buy a smaller paid-up policy; or possibly even continue the premium payments for the rest of your life. |
Benefits
- You have the ability to make a large gift to Wentworth later, without a large cost to yourself.
- You will receive a current income tax deduction.
- You may receive possible future tax deductions for gifts to pay existing policy premiums.
- You will have made a significant gift to Wentworth.
- You will become a member of Wentworth's Giving Society.
Please note that information and calculations are for illustration purposes only and should not be considered legal, accounting, or other professional advice. Your actual benefits may vary depending on the timing of the gift.
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