A gift of life insurance that you no longer need can be an easy way for you to provide generous support to Caltech.
A gift of life insurance could be right for you if:
- Your life insurance policy is paid up or has substantial cash value.
- You have no loan outstanding against the policy.
- Your family is well-provided for by other means.
How it works
Option 1: You give your policy to Caltech.
As the policy owner, Caltech will either cash in your policy and use the proceeds, or maintain the policy until it ends and then receive its face amount. This gives you the satisfaction of making a generous gift to Caltech while having the benefit of no change in your cash flow and saving taxes.
Option 2: You designate Caltech as a beneficiary of your policy.
When your policy ends, Caltech will receive some or all of your policy's death benefit, as you have designated. This also gives you the satisfaction of making a generous gift to Caltech while having the benefit of no change in your cash flow and saving taxes. Better yet, you also retain the ability to change your mind should circumstances in your life change. This is only found in Option 2.