Gifts of Life Insurance: A Legacy That Transforms Lives
If you have a life insurance policy that no longer serves its original purpose, perhaps purchased to support children who are now financially independent, consider using it to make a lasting gift to Utah Valley University.
Benefits to You:
- Receive a charitable income tax deduction when you transfer ownership of the policy
- Make additional tax-deductible gifts if you continue paying premiums and UVU retains the policy
- See the impact of your generosity if UVU chooses to cash in the policy during your lifetime
- Leave a legacy that reflects your values, supporting students as they pursue higher education, advance in their careers, and contribute to a stronger workforce and economy.
Benefits to UVU:
- Your gift helps students gain access to higher education, opening doors to meaningful careers and brighter futures
- You support programs that strengthen Utah's workforce and contribute to the region's economic vitality
- You make a lasting difference in the lives of students and their families, empowering generations to thrive
How to make a gift of life insurance
To get started, contact your life insurance provider and request a beneficiary designation form. You can name Utah Valley University as a full, partial, or contingent beneficiary.
Important Details to Consider
- You'll continue to own and control the policy during your lifetime
- Your estate may benefit from a charitable deduction if UVU is named as a beneficiary
- The value of your deduction depends on whether the policy is paid up, has appreciated, or requires ongoing premium payments
Your deduction for the gift of life insurance will depend on 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.
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.
