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Gifts of Life Insurance
(Important reminders)
DO:
It is important that you name the University of Pittsburgh as the irrevocable owner of the policy and not just its beneficiary. If you retain ownership of the policy, the IRS will not allow you to deduct your premium payments, even though you are making them on our behalf.
WATCH OUT:
If you have borrowed against a life insurance policy, a gift of the policy with the loan still outstanding will create taxable income for you in the amount of the loan balance.
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.