Planned Giving: Life Insurance

If you have an existing life insurance policy that is no longer needed to protect your children, your spouse, or your business interest, you can name the Institute as the policy's beneficiary. Because the beneficiary designation is a revocable gift, you are not entitled to an income tax deduction; the value of the policy is deductible from your taxable estate. If you also transfer ownership of the policy to the Institute, you can immediately deduct the current value of the policy from your income taxes; if you are still paying premiums, you can deduct the cost of those premiums each year.

You also can purchase a new life insurance policy to benefit the Institute. With Scripps Research designated as the owner and beneficiary, you are entitled to an income tax deduction for your initial contribution and the premium payments each year.

This type of gift is easy to make and can be done at no cost. Simply obtain a designated beneficiary form from your insurance company and name "The Scripps Research Institute" as one of your beneficiaries. You may also restrict your gift to a particular area of research or to our graduate program.

For more information about naming Scripps Research in your life insurance policy, please contact Geoff Graham, Director, Planned Giving and Estates, at (858) 784-9365 or gcgraham@scripps.edu.