Gifts of Life Insurance
Some donors may have an existing life insurance policy that is no longer required for its original purpose. They may choose to transfer ownership of the policy to The King’s University and may be eligible to receive an immediate tax receipt for the current cash value of the policy.
Donors may also transfer ownership of a policy that has premiums owing and can receive a tax receipt for the cash value and any future premium payments.
Donors may choose to establish a new policy with The King’s University as owner and beneficiary and will receive a tax receipt for any premiums paid.
Donor can also make The King’s University the beneficiary (not owner) of a policy. When the donor passes away, the estate will receive a tax receipt for the amount of the death benefit. Premiums in this case are not eligible for a tax receipt.