Outright Gift of Life Insurance
Powerful and Simple Way to Support Our Work
When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a powerful and simple way to support our work. There are 2 ways to donate life insurance to Syracuse University:
1. Name Syracuse University a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form. You can designate Syracuse University as the primary beneficiary for a percentage or specific amount. You can make us the contingent beneficiary so that we will receive the balance of your policy or if your primary beneficiary does not survive you.
2. Make an outright gift of an existing paid-in-full policy. By naming Syracuse University as owner and beneficiary of a paid in full policy, you qualify for a federal income tax charitable deduction when you itemize on your taxes.
See How It Works
An Example From Syracuse University
Dr. Jack Nicholson ’69 (A&S) and wife Joan ’71 (A&S), ’89 (HD) have long been thinking about the future of Syracuse University, as they have planned on making a substantial gift since their graduation. They recently decided this gift would be a paid up life insurance policy that will help to fund undergraduate research in the life sciences. Joan said they felt strongly about this because, “a major strength of the University is the opportunities that are offered to the undergraduate for research projects that are reserved for graduate students at many other institutions.”
Read the full story.
Your Next Steps
- Contact Lynne Marie S. Jones, CFRE at 888.352.9535 or GiftPlan@syr.edu for additional information on life insurance.
- Seek the advice of your financial or legal advisor.
- If you include Syracuse University in your plans, please use our legal name and federal tax ID.
Legal Name: Syracuse University
Address: 640 Skytop Road, 2nd Floor, Syracuse, NY 13244-5160
Federal Tax ID Number: 15-0532081
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at 640 Skytop Road, 2nd Floor, Syracuse, NY 13244-5160. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.