A gift of life insurance is a simple and easy way to leave a legacy of quality hospital care for future generations through the purchase of new medical and diagnostic equipment.
Simple and Convenient: Your insurance professional can advise you on the type of policy and options best suited to your needs.
Inexpensive: An opportunity to make a larger gift than you might otherwise be able to, without depleting your assets now or later, for your Estate.
Save Taxes: Enjoy immediate tax relief with charitable tax receipts for future premiums OR tax relief for your Estate for the full policy proceeds upon your death.
Preserve Your Estate: The value of your Estate is not diminished because of the gift.
No Probate, Legal or Trustee Fees: Life insurance is not subject to probate or delays in settlement. The full proceeds are payable directly to the hospital foundation upon your death.
Peace of Mind: Plan, arrange and announce your gift, knowing it will occur just as planned. Your hospital has no involvement in your Estate. Your gift cannot be contested by other heirs.
Recognition: Your hospital foundation can thank and recognize you now for your future gift. You may also remain anonymous if that is your wish.
There are a number of ways to use life insurance to make a gift:
Have the ownership and beneficiary designation of an existing live insurance policy transferred to the hospital foundation. This designation cannot be changed. A charitable tax receipt will be issued for the value of the policy at the time of transfer. Future premium payments also qualify for charitable tax receipts.
Purchase a new life insurance policy to give. Name the hospital foundation as both owner and beneficiary. You continue to pay the premiums and receive a charitable tax receipt for these payments. The ownership and beneficiary designations cannot be changed.
Name your hospital foundation as the beneficiary of a new or existing policy and retain
ownership of it. You may change the beneficiary designation at any time in the future. In this case your Estate will receive a charitable receipt for the full amount of the policy
proceeds upon your death. This can help offset income taxes payable by your Estate.