Concordia University Foundation will accept gifts of life insurance policies, including whole life, variable, and universal life policies, which meet the following four criteria:
- The policy is either paid-up or, if not paid up, as of the date of the gift…
- Has a minimum cash value of $25,000.
- Has a payment schedule not to exceed ten years and which assumes an interest rate not to exceed one percent below the prevailing prime interest rate as reported in the Wall Street Journal periodically (for existing policies an “in force” illustration will be required).
- Requires a written pledge of a charitable contribution from the donor(s) to Concordia University Foundation in an amount which equals or exceeds the total premiums due, and with pledge payments scheduled so as to equal or exceed each policy premium payment that becomes due.
- Concordia University Foundation’s is designated as the owner and/or the beneficiary of the policy.
- This written pledge also will acknowledge the absolute ownership by Concordia University Foundation of the policy given and acknowledge the resulting right of Concordia University Foundation to cash-in the policy and apply the proceeds of the same for the benefit of Concordia University Foundation in accordance with applicable policies and donor restrictions.
NOTE: Concordia University Foundation does not participate in start up life insurance programs, in any form, where the goal is to have donors make donations with the expectation that Concordia University Foundation will use those proceeds to pay insurance premiums, or be involved with outside companies who provide premium financing.