Putting your insurance to work
If you are thinking about making an ultimate gift to Simpson, your life insurance could be the most sensible way to make such a gift. Consider these benefits:

• You can get an income tax deduction: by naming the college as beneficiary and assigning ownership of the policy to Simpson, you can get a valuable income tax charitable deduction.

• Your income is not cut: a gift of an insurance policy won't reduce your current income.

• Your gift is easily arranged: you can transfer ownership of an insurance policy to Simpson without the legal expense of preparing a will or codicil.

You get generous tax benefits
When you no longer need the protection of your life insurance, your benevolent gift to Simpson will strengthen the College and save you taxes.

Here's how your income tax deduction is calculated. When you contribute a policy on which premiums remain to be paid, your deduction generally is close to its cash surrender value- actually, a bit more. When you contribute a paid-up policy, your deduction is generally what it would cost to replace the policy at your age and state of health at the time of your gift, but never more than your investment in the policy. (The insurance company can calculate these values.)

If you'd rather hold on to your policies, you may consider naming Simpson the contingent or partial beneficiary of your insurance. There are no immediate income tax benefits from doing this, but you will still provide valuable assistance to the college at no current cost.

A free booklet is available on the subject of life insurance. Order here.