A gift of life insurance to Purdue can be given in many ways. Policies may be new, have premiums remaining to be paid, or be a fully paid policy that you have owned for years.
For the gift to be tax deductible, Purdue University must be the owner and beneficiary. If premiums remain to be paid on a policy in this instance, the payment will be a deductible contribution.
Purdue can also be named as the beneficiary of a policy that it does not own. This provision will not provide any current tax advantages, but the money passing to Purdue at the insured’s death will qualify for the federal estate tax charitable deduction.