Quite often people find that they have more life insurance than they really need. For example, their children may be grown and life insurance that was intended to provide education funds is no longer needed. A gift of a life insurance policy, one that is paid up or one with premiums still due, makes a very good charitable gift. The gift can easily be made by naming St. Anselm’s Abbey School as both the beneficiary and owner of the policy. Normally, your charitable deduction will be approximately the cash value of the insurance policy at the time of the gift. You may even want to purchase a new policy to give to the school.