Who should consider this program?
This is an ideal program for individuals in their mid-twenties to mid-forties, as insurance policy premiums tend to increase later in life. While an insurance gift can be advantageous at any age, there may be ways for someone farther along in life to make an even stronger impact. Learn about other planned giving options.
How much does it cost?
That depends primarily on the size of the gift you want to make, your age, and how long you would like to make payments. View some sample rates.
How long will I make payments?
Typically, you will make payments for up to ten years. Shorter timeframes equal larger annual payments.
What kind of an impact can I make?
Depending on your age, the lowest benefit amount (or gift) is at least $25,000-$50,000, with the opportunity to make an impact as large as $250,000.
Can I direct the impact of my gift?
Absolutely! You can indicate the college or unit at the University that should benefit, and whether the funds should be used for scholarships, operations, or capital improvements.
Will I receive recognition for my gift?
All planned gifts immediately qualify you for membership in the Herman Schneider Legacy Society. Once the policy is paid in full, your gift counts toward ifetime giving, placing you among UC’s major donors.
Can I remain anonymous?
Yes, we can make sure that your name is never published. However, we do encourage you to let others know that you are participating – who knows, you may inspire them to make a gift, too!
How does it work?
You agree to be insured for the benefit (or gift amount) you desire. You then make annual payments to the UC Foundation equal to the annual premium needed to secure that benefit. Click here for additional details.
Are there tax benefits?
Yes, your payments are a gift to a qualified charity and may be tax-deductible depending on your individual tax circumstances. Consult with your insurance advisor.
Rather than create a new policy, can I donate an existing one?
Yes. This gift will generate an initial tax deduction: the lesser of the policy’s fair market value or the total of your net premium payments. Like a new policy, if premiums are still payable, we will ask you to make tax-deductible contributions offsetting our payment of those premiums.
How does this help the University of Cincinnati today?
While the maximum impact of this option is realized at a future date, contributions through this program ensure that you are counted as a donor immediately.
What insurance companies provide this option?
A donor can use any insurance agent or company he or she wishes as long as the company has satisfactory ratings by the reviewing agencies, and the end product is acceptable to the UC Foundation. We are happy to assist your agent in structuring things correctly early on and helping you find the right options.
What if I don’t have an agent?
The gift planning professionals at the UC Foundation are happy to help answer your questions and assist you with purchasing your life insurance policy. Contact the Office of Gift Planning at the UC Foundation at 513-556-6293
Questions your insurance agent/advisor may have…
What about commissions?
The UC Foundation does not receive any benefit from any individual policy other than the benefit specified by the donor. Most agents will receive commissions for the work they do, and that is based on the relationship between the agent and the company. If your agent would like to use the company that has provided the illustrations on this site, we can usually help.
What kind of policy do you recommend?
We prefer a guaranteed universal life product. If the owner of the policy makes all of the scheduled payments on time, then the death benefit is guaranteed no matter the underlying performance of the funds or cash value.