A donor with a modest income can sometimes make a major donation to Whitman through a gift of life insurance. New or existing policies naming Whitman as the owner and/or beneficiary can be given to the College. You can contribute an existing policy that is paid in full or one for which premiums are still owing. An income tax charitable deduction is allowed for your cost basis in the policy or its replacement cost-whichever is less. If you choose to continue paying premiums, those may be used as an income tax charitable deduction as well.
Purchasing a new policy and irrevocably naming Whitman as the owner and beneficiary is an excellent way to ensure a major gift and pay for it over a period of years. Each premium paid will be deductible as a charitable gift. Many people own life insurance that they do not need in later years. If such a policy were given to Whitman, the College can sell the policy and use the proceeds. A viatical settlement can provide you with tax benefits, convert the policy value to cash and help Whitman students.