If you own a life insurance policy that is no longer needed for the protection of your family or for other purposes, you may use it to make a gift to the Library. One way to give a life insurance policy to the Library is to name the Library as the owner and irrevocable beneficiary of the policy. In doing so, you qualify for an income tax deduction for the cash value of the policy. Alternatively, you could name the Library as the beneficiary of the policy. In this case, your estate would be entitled to an estate tax deduction equal to the value of the policy.