Gifts of Life Insurance

Life Insurance Policy

An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. Life insurance itself can be the direct funding medium for a gift, permitting the donor to make a substantial gift (face value of policy) for a relatively modest annual outlay (i.e., the premium payment).

Life Insurance Policy
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Life Insurance to Replace Gift

Life insurance can also be used to replace an asset that has been given to NJIT. How it works: After a donor makes a gift to NJIT, the tax savings produced by the charitable deduction are used by his or her children or an irrevocable trust to purchase and pay the premiums on a life insurance policy on the donor's life. Such an arrangement can ensure that the interests of family beneficiaries will not be adversely affected.

Life Insurance to Replace Gift
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More Information

Contact Us

Monique Moore Pryor, J.D.
Assistant Vice President of Major and Planned Gifts
(973) 596-8548
monique.pryor@njit.edu

 

The New Jersey Institute of Technology
323 Dr. Martin L. King Blvd.
Newark, New Jersey 07102

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