Gifts of Life Insurance
Life Insurance Policy
An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. Life insurance itself can be the direct funding medium for a gift, permitting the donor to make a substantial gift (face value of policy) for a relatively modest annual outlay (i.e., the premium payment).
Life Insurance to Replace Gift
Life insurance can also be used to replace an asset that has been given to NYU Langone. How it works: After a donor makes a gift to NYU Langone, the tax savings produced by the charitable deduction are used by his or her children or an irrevocable trust to purchase and pay the premiums on a life insurance policy on the donor's life. Such an arrangement can ensure that the interests of family beneficiaries will not be adversely affected.
© Pentera, Inc. Planned giving content. All rights reserved.
Disclaimer: The information provided is general in nature and may not apply to all individuals. This information does not constitute legal or tax advice. We urge you to consult with your personal tax, financial, and legal advisors concerning the specific consequences of making gifts to NYU Langone Health. We would be pleased to discuss, in confidence, ways in which you may support NYU Langone Health.