How You Can Benefit From Giving Life Insurance
Learn more about this simple gift by downloading your FREE copy of our informative guide Life Insurance: Expand Your Charitable Reach.View My Guide
Powerful and Simple Way to Support Our Work
When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a powerful and simple way to support our work. There are three ways to give life insurance to The Ferris Foundation:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name Ferris State University as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name Ferris State University as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes.
Adding Ferris State University as a sole or partial beneficiary is easy:
- Login to your account online or contact your life insurance plan administrator to determine how to change your beneficiary designations for your account.
- Determine what amount you would like to direct to Ferris: Indicate 100% if Ferris will be the sole beneficiary or list a smaller percentage if Ferris will be a partial beneficiary.
- Use the following information to add Ferris as a beneficiary, just as you would an individual beneficiary:
The Ferris Foundation
Tax ID# 38-6115813
420 Oak Street, PRK 101, Big Rapids, MI 49307
Some life insurance administrator will need less information than is provided here. The Ferris Foundation tax ID can be entered under social security number.
- Notify the Advancement Office of your gift.
So that we may best steward your future gift, please notify the Advancement Office of your gift’s intended purpose, and your wishes for recognition or anonymity. Because every gift is tailored to your needs, and state laws vary, we recommend that you consult your legal, tax and/or financial advisors before finalizing your plans.
- Contact The Ferris Foundation at (231) 591-2365 or FerrisFoundation@ferris.edu for additional information on life insurance.
- Seek the advice of your financial or legal advisor.
- If you include Ferris State University in your plans, please use our legal name and federal tax ID.
Legal Name: The Ferris Foundation
Address: 420 Oak Street, PRK 101, Big Rapids, MI 49307
Federal Tax ID Number: 38-6115813