Gift-Replacement Life Insurance
How it works
You create a gift plan like a Charitable Gift Annuity or a Unitrust that will pay you income for your lifetime.
You also create a life insurance policy, naming your children or other heirs as beneficiaries. The amount of the death benefit equals the contribution you made to create your life-income gift.
You pay the premiums for the policy from the income you are receiving from your life-income gift.
At your death, the University of Pittsburgh receives the remaining balance of your gift plan and your heirs receive cash in the amount of your original gift.
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Benefits
- You make a significant gift to the University of Pittsburgh with no negative effect on your familyâ ¬!"s financial security.
- After your gift, your estate is replenished for the benefit of your heirs.
- No new assets are required to pay for this replacement: tax-savings from the charitable deduction plus income you receive from your new gift plan pay the premiums.
- Donors with large families or children who will need long-term assistance can consider helping the University of Pittsburgh at a level they never thought possible.
- One asset can do the work of two: make a gift to the University of Pittsburgh, and provide an equal benefit to your heirs.
For more information
Email us, complete the personal illustration form, or call us at 1-800-817-8943 so that we can assist you through every step of the process.