Life insurance can be used to make a substantial gift to Regis College. You can donate a paid-up policy originally purchased to satisfy a need that no longer exists. Typically, you would irrevocably designate Regis College as the beneficiary and owner of the policy. You would be entitled to an income tax charitable deduction equal to the “replacement” value or cost basis of the policy, whichever is less.

You can donate a policy that is not fully paid up and take a deduction for the “present value” of the policy – approximately the “cash surrender” value or cost basis, whichever is less. If you continue to make premium payments, they are deductible for income tax purposes.

Your insurance agent and the Office of Institutional Advancement and Alumni Relations can provide additional information and help with the details. Call us at 781.768.7220 with questions.