If you have a life insurance policy that is no longer required for your family’s security, it may represent an ideal means for funding your gift to the Hospital. In order to make a gift of a life insurance policy, you should name Saint Francis Hospital and Medical Center as the sole owner and beneficiary of the policy.

Whether your policy is fully paid up when donated, or you have a balance of premiums still to pay, you will be entitled to a charitable contribution deduction for the “interpolated premium reserve” value. That is an amount slightly higher than the cash surrender value of the policy, and can easily be furnished by your insurance company. Contributions of life insurance are considered gifts of cash and subject to the higher 50 percent limitation for deductibility in any particular tax year.

If you continue to make annual premium payments, they will be considered deductible as charitable contributions.

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