Giving through a life insurance policy
You can donate a life insurance policy to the college or simply name Northwestern as a beneficiary.
- When donating an existing life insurance policy and naming Northwestern as the owner of the policy, you can take a charitable deduction for the net cash value of the policy, and all future premiums are fully deductible.
- If you create a new policy—with the college as the owner of the policy—all premiums are fully deductible.
- If Northwestern is listed simply as the primary beneficiary or the contingent beneficiary (but not as the owner), there is no current charitable deduction.