3 ways to give life insurance
A 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 three ways to give life insurance to Northwestern College:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form through your insurance company or your agent. You can designate Northwestern College as the primary beneficiary for the entire amount of the policy, a percentage of the total amount of the policy, or a specific amount. Or you can make us the contingent beneficiary for the total amount of the policy, a percentage of the total amount, or a specific amount. The contingent beneficiary designation only applies when the primary beneficiary doesn't survive the insured.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name Northwestern College as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize.
Learn more about this simple gift by downloading your FREE copy of our informative guide change lives with life insurance.View my guide
See how it works
Not Sure How to Begin Planning?Download our FREE Personal Estate Planning Kit
- Contact Cornie Wassink at 712-707-7109 or firstname.lastname@example.org for additional information on life insurance.
- Seek the advice of your financial or legal advisor.
- If you include Northwestern College in your plans, please use our legal name and federal tax ID.
Legal Name: Northwestern College
Address: 101 7th Street SW, Orange City, IA 51041
Federal Tax ID Number: 42-0698196
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 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. 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. 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. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.