Gift of Life Insurance

A gift of life insurance to Mount Mercy Academy can be a relatively easy way to provide an impactful financial contribution to Mount Mercy Academy and its students.  There are circumstances when a life insurance policy is no longer as needed as it once was.

As a Mount Mercy donor, you can designate the school as a Life Insurance Policy Beneficiary or transfer ownership of the policy to the school.  Mount Mercy receives the proceeds of the policy at the appropriate time.  This provides an opportunity to provide a large gift to benefit Mercy - often more than many people can donate outright.  Your heirs benefit as well, as policy proceeds distributed to a nonprofit are exempt from estate tax.

Benefits Of Giving Life Insurance

Federal tax law has special incentives in place to encourage philanthropy by individuals, which includes gifts of life insurance.  Giving a no longer-needed life insurance policy can result in significant benefits including:

  • Creating a more significant gift to Mount Mercy Academy than otherwise possible.
  • Receiving a charitable deduction in the year the gift is made.
  • Potentially reducing your estate’s tax liability.

Options for Giving Life Insurance:

Either option provides Mount Mercy with a significant gift from the proceeds of the policy’s payout.

  • Name Mount Mercy beneficiary of the policy.  You still own the policy and make premium payments to keep the policy in force.  There is no tax-deduction for naming Mount Mercy the beneficiary and the value of the policy may be included estate tax obligations.
  • Transferring Ownership of the Policy to Mount Mercy. There can be an immediate charitable contribution tax deduction.  If premiums are still owed on the policy, you can also take tax deductions if you continue paying premiums. The policy is removed from your estate for estate tax purposes.

A GIFT OF Life Insurance: The Next Step

Gifts of life insurance can be very effective in making resources available to Mount Mercy, but they require prior discussion before acceptance, particularly if a policy is not fully paid and still requires premium payments.  The Office of Institutional Advancement will work with you to help you decide the best outcome for you and your charitable intentions.

Communicating Your Intentions

If you have provided for Mount Mercy Academy in your estate plans but have not previously notified the school of your intentions, please contact the Office of Institutional Advancement at 716-825-8796, ext 324 or institutionaladvancement@mtmercy.org.   Sharing your plans with us allows us to express our gratitude to you during your lifetime, ensures that your wishes will be met, and also assists the school’s long-term planning efforts.

Note: The information on Mount Mercy’s pages on planned giving vehicles is intended to provide general information that we hope will be helpful in your tax, estate, and charitable planning.   It is not intended as legal advice and should not be relied upon as legal advice.   For advice or assistance with your particular situation, you should consult an attorney or other professional adviser.

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Class of 2022

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