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Giving a Life Insurance Policy to the University
Giving a life insurance policy you no longer need, or funding a new policy to support the University of Virginia, is an excellent way to make a substantial gift.
Giving Life Insurance Basics
- You may designate the University of Virginia as a beneficiary of your life insurance policy,
or
- You may give the University a fully paid life insurance policy that you no longer need, or
- You may purchase a new policy and name the University of Virginia as the owner and beneficiary. You will then be asked to contribute the equivalent of the annual premium payment to the University. This premium contribution is tax deductible and allows the University to pay the insurance premium.
Let us thank you. Notify the University of your gift of life insurance and join the Cornerstone Society.
The University of Virginia does not provide legal, tax or financial advice. We strongly recommend that you consult professional advisors on all legal, tax or financial matters, including gift planning considerations. To ensure compliance with certain IRS requirements, we disclose to you that this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.
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