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Gifts of Life Insurance Policies
How It Works
- You can provide now for a future gift to the WVU Foundation by naming us owner and beneficiary of a new or existing life insurance policy.
- You make annual gifts to the WVU Foundation in the amount of the premium payments.
- When the policy matures the proceeds are paid to the Foundation, and we apply them to the college, department, or program you have designated.
Benefits
- You can make a significant gift from income instead of capital.
- Your gifts offsetting our premium payments are fully deductible.
- You build WVU's future financial strength.
Dr. Norman '78, '82 and Nancy Ferrari – "Life insurance protects our family, so we knew it would be a very good way to support WVU too."
 Please contact us so that we can assist you through every step of the process.
 Questions and Answers
 If I can no longer make the premium payments, will the WVU Foundation keep making them to keep the policy in force?
Probably not. Although the face value of the policy is larger than any cash value within the policy, the Foundation likely will surrender any policy that goes into default for nonpayment of premiums rather than apply gift funds to cover the premiums due. The Foundation will apply the proceeds from surrendering the policy to the purposes you've designated.
Will the WVU Foundation accept a term policy?
The Foundation will gratefully accept any insurance policy, and all policies can provide important support for WVU. Keep in mind, however, that while premiums for term policies are a fraction of those required for whole life policies, term policies never build up internal cash value. This means that if you stop making gifts to cover the premium payments, or if the term policy expires naturally, WVU will not benefit from the policy or your many premium payments.
Will I receive a charitable tax deduction for my contribution of a new policy?
If you have just purchased a new whole life policy, it is unlikely that the policy will have any internal value at the time you contribute it to WVU. That means that the policy will not have a current value on which to base a charitable deduction. If the Foundation is the owner when the policy is issued, the initial premium will be a deductible gift. There is no deduction for a contribution of a term policy other than any premium payments.
What if I later need the policy unexpectedly?
A gift of a new policy is irrevocable, and the Foundation will not be able to give the policy back to you once you've made your gift. Thus, it's important to consider possible future needs before deciding to contribute your policy.
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