A donor can transfer his of her life insurance policy to the UNA Foundation, and the UNA Foundation is the owner and beneficiary of policy.
Donor is entitled to a charitable income tax deduction the year of gift for an amount equal to the policy's surrender value or the premiums paid into the policy (which ever is less).
Premiums Still to be Paid
Donor makes payments to the insurance company or a contribution to the UNA Foundation of the amount of the premiums. These payments are deductible as a charitable contribution in the year they are paid.
Example: Donor has a paid-up insurance policy with a cash value of $50,000. By donating it to the UNA Foundation, he/she receives a tax deduction of $50,000. If he/she is in the 39.6% income tax bracket, this deduction will save him/her $19,800 in taxes (39.6% X $50,000).