Planned Giving
The Power of Insurance
The gift of life insurance is the perfect way to leave a substantial legacy and at the same time generate an immediate tax deduction. Many of our donors choose to purchase a new policy naming Ramapo College as owner and beneficiary. With a new insurance policy, you make cash gifts directly to the Ramapo College Foundation and you receive an income tax charitable deduction in the year the gift is made. You also get, in future years, a deduction for each annual gift of cash needed to pay the policy premiums. Consider the following $25,000 and $40,000 policies that offer a simple lump sum or maximum five (5) year payment period.
| MassMutual Annual Premium (Years 1-5) $40,000 | MassMutual Single Premium $40,000 |
Annual Premium (Years 1-5) $25,000 |
Single Premium $25,000 |
|
| Male, age 35 | $1,433 | $6,497 | $956 | $4,330 |
| Female, age 35 | $1,304 | $5,895 | $874 | $3,950 |
| Male, age 45 | $2,137 | $9,711 | $1,397 | $6,345 |
| Female, age 45 | $1,809 | $8,204 | $1,190 | $5,394 |
| Male, age 55 | $3,207 | $14,620 | $2,066 | $9,415 |
| Female, age 55 | $2,572 | $11,709 | $1,669 | $7,597 |
With a single $4,330 gift, a 35 year-old male donor could create a $25,000 legacy gift to support scholarship aid, faculty research projects and other critical Ramapo College programs!
For more information regarding charitable giving insurance options, contact Ellen Dudas at 201.684.7005, email mdudas@ramapo.edu.
These numbers are based on illustrations of projected values under various assumptions and are not a guarantee of actual performance. There are only assumptions. Actual premium and death benefit projections will be based on the confirmed offers upon completion of the underwriting process.
