Gifts of Insurance
The Lamar University Foundation serves as the preferred channel for private gifts to all areas of Lamar University to support its educational mission.
Donating your life insurance policy is a simple way to leverage your charitable giving and leave a legacy at Lamar University. If you have a life insurance policy that has outlasted its original purpose, consider making a charitable gift of your insurance policy to Lamar University Foundation. For example, you may have purchased a policy to provide for minor children who have grown to be financially independent adults, or perhaps you purchased a policy to pay estate taxes that will no longer be owed. There are three ways you can give life insurance to benefit Lamar University.
Name Lamar University as beneficiary of the policy by updating your beneficiary designation form with the policy holder. You retain ownership of the policy.
Make an outright gift of an existing policy. You can name Lamar University Foundation as owner and beneficiary of your insurance policy. This charitable gift will qualify for a federal income tax charitable deduction when you itemize your taxes. Additionally, if you continue to make annual gifts to Lamar University in order to pay premiums on the policy, each payment is tax deductible as a charitable gift if you itemize.
Make an outright gift of a new policy. You can purchase a new policy and name Lamar University Foundation as owner and beneficiary. You will receive a charitable income tax deduction for the gift, as well as for additional contributions to cover the premium payments if you itemize your taxes.
How to make a gift of life insurance
Please contact us to learn more about leveraging your charitable giving with life insurance. It is important that we work with your insurance agent to properly designate the beneficiary or transfer ownership of your insurance policy.
If you include Lamar University as a beneficiary of your life insurance policy, please let us know! We want to ensure your future gift is properly designated to accomplish your objectives and we would like to express our gratitude to you now, rather than just to your heirs or executor later. When you inform us of your gift, we will respect your wishes for recognition or anonymity, and of course, keep any details of your gift that you disclose in strictest confidence. In addition, we hope you will allow us to recognize and thank you by including you as a member of the Lamar University Legacy Society. This is especially important because your membership may inspire others to make similar plans for the future.
For attorneys and advisors:
Generally, bequests and beneficiary designations should be directed to:
located at P.O. Box 11500
Beaumont, TX 77710
Federal Tax ID #23-7298265
We recommend the following provision be included in wills or trusts to give flexibility to the Lamar University Foundation in the event the stated purpose of your gift to benefit Lamar University cannot be met:
Additionally, please encourage your clients to let us know of their intention to include Lamar University in their estate plans. This expression of present plans is subject to revocation or modification at any time and is not legally binding.
