BENEFITS

A life insurance policy provides a great opportunity to support any area of UCLA that you wish. In many cases, this requires no cash outlay, which frees you to plan and pursue other financial goals. There are two basic ways to use a life insurance policy for charitable purposes.

Naming UCLA as the beneficiary of your policy

• You can make The UCLA Foundation the primary or secondary beneficiary of your life insurance policy.
• Simply fill out a beneficiary designation form that you obtain from your insurance company.
• The UCLA Foundation will use the entire amount of the policy, free of tax, for the purpose you specify.
• Naming The UCLA Foundation as a beneficiary ensures the privacy of the transaction. Also, because a life insurance policy is a contract that passes outside a will, it cannot be contested in probate proceedings. Both factors may be important to donors who are concerned about the division and distribution of their estate.

Naming The UCLA Foundation as the irrevocable owner and beneficiary of your policy

• This entitles you to a charitable income tax deduction for the policy's cost basis or for its cash surrender value, whichever is less.
• If you transfer ownership of a policy that is not fully paid up, premiums continue to be due, and payments need to be made to The UCLA Foundation. You may deduct future premium payments as charitable contributions.
• The UCLA Foundation will use the amount of the policy for the purpose you specify.