Gifts of Insurance
Life insurance policies are a great way to benefit Alpha Chi Omega Foundation in your estate planning. You can do that in one of two ways.
You can easily make the Alpha Chi Omega Foundation a beneficiary of your existing policy. Or you may transfer ownership of your policy to the Foundation to achieve immediate tax benefits.
If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Alpha Chi Omega 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 Alpha Chi Omega Foundation can pay the annual insurance premiums
- At death, the proceeds of your policy will be paid to our organization and we will use the insurance proceeds to continue our charitable work
How to make a gift of life insurance
To make the Alpha Chi Omega Foundation the beneficiary of your life insurance policy, please contact your life insurance provider, request a beneficiary designation form from the insurer and include Alpha Chi Omega Foundation as a beneficiary of your policy. To make an outright gift of an insurance policy, please contact us to discuss necessary steps.
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.
You can also designate Alpha Chi Omega 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.