Life Insurance

There are various ways to support Virginia Tech with an outright gift of life insurance:

• A paid-up policy that you no longer need can be cashed in to benefit the university, establish an endowed fund, or assist a capital building project or other need. Your income tax deduction would be roughly equal to the surrender value of the policy.
• A current policy (on which premiums are being paid) can be used to make an outright gift for which your income tax deduction would be roughly equal to the policy's surrender value. Continued premium payments you make would also be tax deductible.

There are other ways to make a gift of life insurance that do not involve transferring ownership of the policy:

• You can name the Virginia Tech Foundation as beneficiary of any life insurance policy you own. Simply complete a form supplied by your insurer.
• If your employer provides group term life insurance and pays the premiums, you can name Virginia Tech the beneficiary of that policy and avoid paying taxes you would otherwise incur on the premiums.