You may discover that you own a life insurance policy you no longer need. By making Brevard College the owner and beneficiary of that policy, you can make a substantial gift to the College. The amount of your charitable deduction depends upon whether the policy is paid in full when transferred to the College. If the policy is paid-up, you are entitled to a charitable income tax deduction in the year of the gift for an amount equal to the policy’s surrender value or the premiums paid into the policy (which ever is less). If premiums are still due, the donor makes payments to the insurance company or makes a contribution to Brevard College in the amount of the premiums. These payments are deductible as a charitable contribution in the year they are paid.