Transfer an existing policy example : George Fox University

George Fox University | Office of Development | Estate and Planned Giving | Transfer an existing policy example

Transfer an existing policy example

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Example - transfer an existing policy

A gift of an existing life insurance policy must effectively transfer ownership of the policy and all incidents or benefits of ownership to the charity - George Fox University . The surest method of accomplishing this is the use of an absolute assignment of the policy. Your insurance company will have appropriate forms available to accomplish this. It is important that the ownership of the policy be transferred on the company's books and an endorsement be sent to the university.

Sample language for the assignment of the outright assignment of a life insurance policy.

I, Richard Underhill, of Newport, Oregon, hereby assign to George Fox University all of my right, title, and interest in and to an insurance policy on my life, numbered HJ667889, and issues by the Dependable Life Insurance Company.

IN WITNESS WHEREOF, I have executed this assignment this ________ day of __________, 2007.

____________________

Richard Underhill

When an individual contributes an insurance policy to charity, the amount of his contribution is generally the lesser of (1) the value of the policy or (2) the donor's basis in the policy. The value of a life insurance policy is generally the replacement cost of a comparable contract.