Gift of Life Insurance
Powerful and Simple Way to Support Better Care
When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a meaningful way to support better care in your community. There are three ways to give life insurance to a MultiCare program or foundation:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift if you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name a MultiCare program or foundation as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes.
Get free planning help
The MultiCare Foundations is proud to provide free and confidential estate planning services through Thompson & Associates for friends like you.
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Ready for next steps?
- Contact our gift planning team at 253-403-3093 or email@example.com for additional information on using a life insurance policy to support your favorite MultiCare program or foundation.
- Seek the advice of your financial or legal advisor. (Need an advisor? Look here for advisors familiar with MultiCare foundations and services.)
- If you include a MultiCare program or foundation in your plans, please refer to our sample bequest language and use our legal name and federal tax ID number.
- If you have already named a MultiCare program or foundation in your plans, please let us know so that we can carry out your wishes as intended and thank you for your gift.