The Right Choice for Your Success
Life Insurance to Replace Gift—Wealth Replacement
An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. Life insurance itself can be the direct funding medium for a gift, permitting the donor to make a substantial gift (face value of policy) for a relatively modest annual outlay (i.e., the premium payment). Life insurance can also be used to replace an asset that has been given to Western Illinois University.
How It Works
After a donor makes a gift to Western Illinois University, the tax savings produced by the charitable deduction are used by his or her children or an irrevocable trust to purchase and pay the premiums on an insurance policy on the donor's life. Such an arrangement can ensure that the interests of family beneficiaries will not be adversely affected.
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Contact Us
Amy Crosby
Interim Executive Director
(309) 298-1828
al-crosby@wiu.edu
Foundation and Development
303 Sherman Hall / 1 University Circle
Macomb, IL 61455 USA
Federal Tax ID Number: 37-0910458
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