Because a life insurance policy is generally purchased when we are young, as we age, we may find we no longer need that depth of financial protection. Therefore, use of life insurance policies provides a unique opportunity for individuals to consider in their gifting plans.
How Life Insurance Giving Works
The easiest way to make a gift with life insurance is to simply change the beneficiary to North Shore Medical Center.
Another strategy is to name North Shore Medical Center as both owner and beneficiary of a fully paid policy. With this strategy, the existing cash value becomes a charitable deduction. North Shore Medical Center may then keep the policy as is and receive the full benefit upon your death, or surrender the policy at the time of the gift for its cash value.
There are a variety of other strategies and considerations when contemplating the gifting of Life Insurance. To learn more, you may find it valuable to have a conversation with Mike Davenport, Director of Planned Giving at 978-825-6306, or by email.
Donors who confirm a Life Insurance gifting commitment are recognized as members of the North Shore Medical Center 1874 Charter Society.