By changing the beneficiary or transferring the ownership of the cash value of your insurance policy, you can make a gift to this Mission we call the University of Dubuque. A gift of life insurance passes to the University of Dubuque without delay and without being subject to probate and administrative fees.
Change the beneficiary.
Simply call your life insurance representative or the insurance company and ask for a change of beneficiary form. You name the University of Dubuque as a primary beneficiary. There is no cost to change beneficiaries and the process is simple. Since you retain ownership of your policy, there are no income tax benefits.
Transfer ownership of your cash value insurance policy.
You may make a gift through a policy that is no longer fulfilling its original purpose (for example, a policy that was established when you were a child). Through an irrevocable transfer, the University of Dubuque will hold the policy during your lifetime. At your death, the entire proceeds will be used for the intended uses of your choice. You will receive a charitable income tax deduction for making the gift and, if there is not enough cash value in the policy, you would make gifts to the University of Dubuque to support the policy. You would receive a charitable income tax deduction each time a gift is made to the University of Dubuque. If there is enough cash value in the policy, there may not be a need for additional gifts.
Establish a new charitable life insurance.
You may want to assure that a certain gift amount will ultimately be given to your favorite ministry or ministries. This can be accomplished by establishing a new life insurance policy in which you determine the gift amount. In this situation, the University of Dubuque is made the owner of the policy from the beginning. The University of Dubuque then holds the policy throughout your lifetime. It is recommended that the University of Dubuque be informed, in advance, of the application of life insurance, to advise the donor of what options are available with such a gift.