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Gifts of Life Insurance

A gift of life insurance can be a low-cost yet generous way to make a meaningful contribution to the university.

It is a good way to leverage affordable premium payments into a substantial future donation. There are several ways you can give your life insurance policy, or the death benefits from it, to Fitchburg State University.

Designate Fitchburg State University as a Beneficiary

When you designate Fitchburg State University as a beneficiary, in part or in full, you retain ownership of the policy and have the flexibility to make changes to the beneficiary designation later. All policy proceeds distributed to the University will be exempt from estate tax. As the beneficiary, Fitchburg State will apply the death benefits as you have instructed when the policy proceeds are distributed.

Donate Your Life Insurance Policy

Donating a policy provides the donor with an income-tax deduction in the year of the contribution and the charitable deduction may be spread across the following five years or until completely used up. The contribution value is, typically, the “cash surrender value” of the policy. In the event that policy premiums are needed to keep the policy in full force donating the premium payments are 100% deductible in those successive years when needed.

Once we receive confirmation of your gift, you will enjoy the benefits of membership in the Saxifrage Society.

For more information, please contact us.

Benefits

  • Reduction in your estate taxes, because the proceeds of the policy are no longer part of your estate.
  • A charitable deduction when you name Fitchburg State as a beneficiary or assign ownership to the university.