Individual Policies. If, in addition to naming the University as the beneficiary of a life insurance policy, you transfer ownership of the policy to the University, you receive an income tax charitable deduction. If the policy is paid up, your deduction generally equals the lesser of your cost basis in the policy or the replacement cost of the policy. If the policy is not paid up, your deduction generally equals the lesser of your cost basis in the policy or the policy's cash surrender value. Please contact the Office of Gift Planning at (503) 370-6022 before transferring ownership of a life insurance policy to the University.

Employer Provided Insurance. Many employers provide group life insurance policies for their employees. If you have sufficient life insurance coverage of your own, you may not need the additional group coverage. You cannot transfer ownership of a group policy to Willamette. However, naming Willamette as a full or partial beneficiary of a group life insurance policy will remove the life insurance proceeds from your taxable estate. A designation of the University as beneficiary should refer to "Willamette University, an Oregon nonprofit corporation located in Salem, Oregon."