The large cash value resulting from a relatively small premium makes a life insurance policy an attractive planned gift. A gift of life insurance may be made in one of three ways:

1. Donate a fully paid up policy, naming the Foundation irrevocable owner and beneficiary. The donor is entitled to an income tax deduction for an amount equivalent to the cash value of the policy.

2. Donate a policy on which premiums are still owing, naming the Foundation irrevocable owner and beneficiary. The donor is entitled to an income tax deduction for an amount equivalent to the cash value of the policy and for any additional gifts to fund premium payments.

3. Purchase a new policy, naming the Foundation irrevocable owner and beneficiary. The donor is entitled to an income tax deduction for gifts made to Penn that are designated for premium payments.