To receive a charitable deduction, name St. Francis Catholic High School as both the owner and beneficiary of a life insurance policy that is no longer needed. If the policy has a cash value, you can take a charitable deduction approximately equal to the cash value at the time of the gift. In addition, if annual premiums are still to be made and you continue to pay them, those premiums will become tax deductible each year. It’s easy to contribute a life insurance policy to the school. Just check with your life insurance agent for details on which forms to complete.