Life insurance is a great way to provide a legacy gift to support the University of Maine. You may have purchased life insurance for needs that no longer apply—such as educating children now grown or providing financial security for a spouse now deceased. If you are in this situation, your policy can be used to leave a legacy at the University of Maine Foundation. Alternatively, you can use a new policy to support your philanthropic goals.
Naming the University of Maine Foundation as the Beneficiary of a current life insurance policy
One easy way to use life insurance to help the University of Maine is to make the University of Maine Foundation a beneficiary of an existing life insurance policy. This could be a policy that you own, one that is provided to you through your employment, or even one that is offered by your financial institution or credit card provider. The Foundation could be the primary or contingent beneficiary of this policy.
Sample Beneficiary Language
To include a gift of support for the University of Maine through a life insurance beneficiary designation, please include the following information:
UNIVERSITY OF MAINE FOUNDATION, Two Alumni Place, Orono, ME 04469 to be added to [or to create] the _________________Fund.
The University of Maine Foundation’s Tax Identification Number is 01-6011501.
Give a New or Existing Life Insurance Policy
You can make an irrevocable gift to support the University of Maine by naming the University of Maine Foundation as owner and beneficiary of an existing or a new policy. With this type of gift, you may qualify for a federal income tax charitable deduction if you itemize deductions on your tax return and obtain a qualified appraisal per IRS regulations.
Other Ways to Use Life Insurance to Create Your Legacy
There are a number of other creative ways to use life insurance to support your legacy. Other ways life insurance can help you accomplish your charitable goals include:
- You could give a life insurance policy to the University of Maine Foundation even if you are still paying premiums. After the policy has been transferred to the Foundation, you can deduct the premium payments as charitable gifts.
- You may choose to buy a policy benefiting your heirs to replace money or property you have given to the University of Maine Foundation.
- If it is more advantageous, you could purchase a life insurance policy on the life of another person. Upon the death of the insured, the Foundation will receive full policy benefits, which will be endowed for the purposes you direct.
Charles F. Allen Legacy Society
If you make a gift using life insurance to support the University of Maine, we would be happy to welcome you to the Charles F. Allen Legacy Society.
Here to Help
We are happy to discuss different ways to use life insurance to create your legacy. The University of Maine Foundation has professional planned giving officers ready to work with you and your advisors. We may be reached Monday-Friday between the hours of 8 am and 5 pm by calling 1.800.982.8503 or via email.