Life Insurance Gift Acceptance Policy

The ASME Foundation is pleased to be named as a sole, partial, contingent or residual beneficiary on life insurance policies. For those who wish to give life insurance policies to The ASME Foundation, the following Policy applies.

There are several ways to structure a gift of life insurance to The ASME Foundation:

• Contribute a paid-up policy and designate The ASME Foundation as the owner and beneficiary of the policy.
• Contribute a partially paid non-term policy and designate The ASME Foundation as owner and beneficiary. The donor can then make tax-deductible charitable contributions to the Foundation that may be used to pay the remaining policy premiums.
• Apply for a non-term life insurance policy naming the Foundation as beneficiary and then immediately transfer ownership of the policy to the Foundation. The donor can then make tax-deductible charitable contributions to The ASME Foundation to pay the premiums on the policy.