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GIFTS OF LIFE INSURANCE
Immediate Payment and Deferred Payment
Our supporters often overlook the benefits of giving a life insurance policy to Reformed Theological Seminary.
If you are carrying more insurance coverage than your family obligations now require, you may find a hidden gift asset in a surplus, paid-up policy. Alternately, you could create a gift for the future by taking out a new policy on your life and naming RTS as the owner and beneficiary, thus creating an endowment gift from income rather than capital.
You must name us as irrevocable [you can't change the terms in the future] owner and beneficiary of an insurance policy to secure tax benefits from your gift. A gift of a paid-up policy produces a charitable deduction in the amount of the policy's cash surrender value or basis, whichever is less. If you create a new policy, we will pay the premiums, and you may deduct your gifts offsetting those payments.
(Back to All Gifts-at-a-Glance)