Gifts of Life Insurance

A gift of your life insurance policy is an excellent way to make a gift to OMSI.

If you own a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to OMSI. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.

How to make a gift of life insurance

To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include OMSI as the beneficiary of your policy.

Other considerations

You can also designate OMSI as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.

Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.