Life Insurance Gifts

Life insurance is simple to give. You may choose from a variety of options to fit your personal desires and your financial situation. Your wishes will be carried out, as specified in your policy. The proceeds will be paid promptly and will not be diminished by probate costs. The gift will not be delayed by settlement of your estate. In addition, you may receive valuable benefits in the form of income tax deductions.

Ways to Give using Life Insurance:

* Name Tennessee Temple University as beneficiary of a policy you own.
* Give a paid-up policy you already own by changing the owner and beneficiary.
* Give a policy on which you are still paying premiums.
* Purchase a new policy.

Example: Mrs. Parker decides to buy a $50,000 life insurance policy and directs that the policy proceeds will eventually be used for Tennessee Temple University's purposes. Because she has also named Tennessee Temple University as policy owner, her monthly premiums of approximately $120 will entitle her to a charitable deduction on her federal income tax return of over $1,400 each year for as long as she pays the premiums and itemizes deductions. The policy proceeds will not be included in her estate for tax purposes and will pass outside the probate process. For these and other reasons, she and her advisors conclude that this is the most effective way for her to provide a meaningful gift as part of her long-range financial and estate plans.

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