Gifts of Insurance
You may be at a point in life that life insurance your purchased no longer is needed for its original purpose. Life insurance is a smart way of using assets other than cash to make a gift, and there are two ways to do it. You can easily name us to be the beneficiary of the policy, or you can transfer ownership to take advantage of immediate tax benefits.
TRANSFERRING OWNERSHIP OF YOUR LIFE INSURANCE
- Receive a charitable income tax deduction
- If the Foundation for OCCC retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If the Foundation cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If we retain the policy to maturity, the proceeds of your policy will be paid to our organization so that we can use the proceeds to further our important work
GRANT OWNERSHIP OF LIFE INSURANCE
To grant ownership of an unneeded life insurance policy, contact your life insurance company to complete the proper Change of Ownership form, designating the Foundation for Oklahoma City Community College as the new owner. Your tax deductions for the gift can be rolled over for up to six years.
BENEFITS OF NAMING US AS THE BENEFICIARY OF LIFE INSURANCE
- You retain ownership of the policy, giving you flexibility if your needs change.
- You can name the Foundation as a partial, full or contingent beneficiary.
- Your estate will be eligible for a deduction for the gift.
HOW TO NAME US THE BENEFICIARY OF LIFE INSURANCE
To name the Foundation for OCCC as the beneficiary of your policy, contact your life insurance company for the Change of Beneficiary form and name Oklahoma City Community College Foundation, Inc. as the new beneficiary.
If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.
Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
You can also designate the Foundation for Oklahoma City Community College as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.