Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to Michigan Technological University. If you have a life insurance policy that has outlasted its original purpose, e.g., a policy purchased to provide for minor children who are now financially independent adults, consider making a gift of the policy to Michigan Tech.
You can also designate Michigan Tech as a partial, full, or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction. Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer, and include Michigan Tech Fund, FEIN #38-1554664, as the beneficiary of your policy.
Contact us for more information.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction. Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made
- If Michigan Technological University retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If Michigan Technological University cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If we retain the policy to maturity, or you name the Michigan Tech Fund as a beneficiary, once the policy matures, the proceeds of your policy will be used to support the area of your choice
