Insurance is one of the most flexible planned giving options available to you. Depending on how you wish to structure your gift, you can realize significant tax advantages during your lifetime or benefit your estate.
Life insurance needs change as life goes on. Our children become self-sufficient and investments may provide unexpected income and security. After such developments, some life insurance coverage may no longer be needed for the reason it was originally purchased. Here are two things to think about:
- If you gift a paid up life insurance policy to Trinity Western University, you receive an immediate tax receipt for the paid up value of the policy.
- When Trinity Western University is made owner and beneficiary of a new insurance policy, annual premium payments are tax deductible.