Making a gift of life insurance allows you to transfer ownership of a paid-up life insurance policy to Illinois Institute of Technology. Illinois Tech elects to cash in the policy now or hold it.
Make a gift using an asset that you and your family may no longer need.
Receive an income tax deduction equal to the cash surrender value of the policy.
You may be able to use the cash value of your policy to fund a gift that delivers income, such as a planned gift annuity.