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Gift of Life Insurance
If you’re thinking about a contribution to College of the Atlantic, a gift of life insurance could be a sensible and generous course of action. In fact, insurance can be a good way to leverage affordable premium payments into a substantial future donation. There are several different ways you can give your life insurance policy, or the death benefits from it, to COA. Each method has different advantages and disadvantages.*
- One way is to simply name the College as a beneficiary on your policy. When you die, COA will receive the death benefits.
- Another way to help COA is to donate an existing life insurance policy to the College. In return, you can claim an income tax deduction for either the tax basis or the fair market value of the policy, whichever is less, for the year of the donation, and in subsequent years make deductible cash gifts to the College, which can be used to make the premium payments.
- The third way to donate a life insurance policy to COA is to donate money to the College with which COA then buys the life insurance policy. You then make income and gift-tax-deductible donations to us, and COA makes the premium payments.
*Some state laws will not allow a charity to purchase a donor’s life insurance policy. Please check with your legal or financial professional advisor for the laws applicable in your state of residence.
- Reduction in estate taxes because proceeds are removed from your estate
- Charitable deduction when you name us beneficiary and assign us ownership