By making Wagner College the beneficiary (or contingent beneficiary) of your life insurance policy, you maintain ownership of the policy, retaining the right to borrow against it, cash it in or change the beneficiary.
Since you own the policy, you are not eligible for a tax deduction based on either the value of the policy or the premiums that you pay. However, your estate will benefit from the deduction.
By transferring ownership of a life insurance policy to Wagner College or purchasing a policy with Wagner as owner and beneficiary, you are entitled to tax benefits. In the case of a paid-up policy, your tax benefit is the lesser of the net premiums paid or the replacement cost if you were to purchase a comparable policy at the time of the gift. In the case of a newly purchased policy of which the college is designated owner and beneficiary, you are entitled to an income tax deduction for the amount of the annual premium payments.