Ways of Giving
Life Insurance
401-788-1608
Life Insurance
Many individuals have life policies that can be used to benefit charities when the insured dies or in some cases, during the insured’s lifetime. Life insurance can be used to benefit charities in two primary ways:
Name South County Hospital as a primary beneficiary or as a contingent beneficiary. Changing your beneficiaries is easy. Simply contact your insurance carrier and request a beneficiary form.:
Benefits:
- Easy to give – involves little effort or paperwork.
- Continued ownership.
- Revocable – may change beneficiaries during lifetime.
- No income tax benefits, but will circumvent estate tax.
Policy owner can irrevocably assign the ownership and beneficiary designation to the South County Hospital, guaranteeing that the death benefit will pass to the charity. If the policy has cash value, the Hospital would have the option of either holding until the maturity date or surrendering and receiving the policy’s present cash value.
Benefits:
- Donor may be entitled to an immediate charitable income tax deduction equal to the fair market value or the adjusted cost basis the donor has in the policy.
- Proceeds will pass free of estate taxation to the Hospital when the insured.
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Other planned gifts you can make: |
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SCH Healthcare System
