Gifts of Life Insurance
A gift of your life insurance policy is an excellent way to make a gift to the University of North Dakota through the UND Alumni Association & Foundation.
If your life insurance policy is no longer needed or will no longer benefit your survivors, consider making a gift that supports more future leaders.
How it works
When you designate the University of North Dakota Foundation as the beneficiary of your life insurance policy, your gift has begun. You will continue to own and can make use of the policy during your lifetime. The policy will be included in your taxable estate when you pass away, but your estate will benefit from an estate tax charitable deduction for the value of the gift to us.
You can also make deductible contributions to the University of North Dakota Foundation each year, which we may use to pay the premiums. We benefit from the proceeds of your policy.
Federal Tax Deduction
You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
How to Give Life Insurance
- Name the UND Foundation a beneficiary of the policy.You can designate the UND Foundation as the primary beneficiary for a percentage or specific amount or the contingent beneficiary so that we receive the gift only if your primary beneficiary does not survive you.
- Make an outright gift of an existing policy.
- Make an outright gift of a new policy. You can take out a new policy and irrevocably name the UND Foundation as the owner and the beneficiary of the insurance contract. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes.
This information is provided as an educational service to our donors and is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. State law may further impact your individual results.