Life insurance beneficiary gift

Use life insurance to make a gift to Virginia Commonwealth University*

A life insurance policy can be a versatile and effective asset for making a significant charitable gift to Virginia Commonwealth University*. There are two basic ways insurance can be used to help support VCU, and each offers different benefits to you.

Option 1: Make Virginia Commonwealth University* the beneficiary of the policy

This option allows you to:

• Create a meaningful legacy at Virginia Commonwealth University*
• Reduce the size of your taxable estate
• Retain the flexibility to change your mind

Option 2: Make Virginia Commonwealth University* the owner and beneficiary of an existing policy

This option allows you to:

• Make an irrevocable gift to Virginia Commonwealth University* today with little or no impact on your current cash flow
• Receive a charitable tax deduction for a portion of your gift

In addition, if premiums remain to be paid on the policy, a charitable deduction is allowed for each gift you make to VCU to cover the premiums.

Planning tips

• To make Virginia Commonwealth University* a beneficiary of, or owner and beneficiary of, your life insurance policy, simply contact your insurer and complete the required form. You may need to provide the following information:
  • Legal name: Virginia Commonwealth University*
  • Tax ID number: 54-6053660
  • Address: 111 N. Fourth St., Box 842039, Richmond, VA 23284-2039
• It's also possible to use a charitable donation to buy a new policy to benefit VCU. Contact us early in your planning if you'd like to pursue this option so we can work with you on this process.
• If you are considering designating your gift for a specific purpose, such as a scholarship fund or support for a specific department, contact us to ensure that we understand your wishes.
• Before finalizing a gift of life insurance, review your other assets (such as appreciated stock or IRA accounts) to make sure this is the savviest way for you to reach your goals.