Outright Gift of Life Insurance
A Powerful and Simple Way to Support Education
When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a powerful and simple way to support our work. There are three ways to give life insurance to The Ohio State University Foundation:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary does not survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name The Ohio State University Foundation as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for a younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes.
How To Start
- Contact the Office of Estate and Gift Planning at 614-292-2183 or firstname.lastname@example.org for additional information on life insurance.
- Seek the advice of your financial or legal advisor.
- If you include Ohio State in your plans, please use our legal name and federal tax ID.
Legal Name: The Ohio State University Foundation
Address: 14 E. 15th Ave., Columbus, OH 43201
Federal Tax ID Number: 31-1145986
Payments for Life
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Plan for Retirement With a Deferred Gift Annuity.
Create Your Own Giving Plan
Create a secure plan for you, your loved ones, and the causes you care about with our complimentary Personal Estate Planning Kit.