Gifts of Life Insurance

You can provide St. Joseph’s with a considerable gift when you make the College the owner of a whole life insurance policy or designate us as a beneficiary of a policy. If you make us the owner of an existing policy on which you are still paying premiums, you earn a charitable income tax deduction roughly equal to the policy’s cash surrender value. Plus, you can deduct your premium payments every time you make them. Making a gift of a policy that is fully paid means your charitable deduction equals the replacement value of your policy. If you give us a new policy, you can then deduct all your premium payments over the life of the policy.

If you prefer, you can designate St. Joseph’s as a policy beneficiary by naming us as the beneficiary of the death benefit. You will not earn a charitable deduction, but you can do this quite simply by requesting a Change of Beneficiary form from your insurance company and filling it out using our legal name, “St. Joseph’s College, a New York education corporation” and the College’s Tax Identification number 11-1733439.

Why not give St. Joseph’s ownership of a whole life policy and make the premium payments to the College using stock? We’ll sell the stock and make the payment to your insurer. You are essentially paying your premium with stock, still getting the same charitable deduction and avoiding the tax on capital gain. The full market value of your stock goes to paying the premium, not the market value minus the 15 percent tax on long-term capital gains.


If you have any questions about giving to St. Joseph’s College, please contact Clare Kehoe at or 718.940.5579.

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