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Gifts of life insurance

  • Gifts of life insurance are a valuable part of the planned giving program at Buffalo Hospital Foundation. The Foundation encourages donors to consider one of two ways that outright gifts of life insurance may be used to make a "planned gift:"

    • The transfer to the Foundation of an older policy that the donor no longer needs. Buffalo Hospital Foundation should be named as both beneficiary and irrevocable owner of the insurance policy before it can be deemed a charitable gift. The life insurance gift will be valued at its interpolated terminal reserve value, or cash surrender value, upon receipt.
    • The transfer of funds to purchase a policy on the life of the donor. If the donor contributes future premium payments, the Foundation will include the entire amount of the additional premium payment as a gift in the year that it is made. If the donor does not elect to continue to make gifts to cover premium payments on the life insurance policy, we may:
      • continue to pay the premiums
      • convert the policy to paid up insurance
      • surrender the policy for its current cash value

      Patients, friends and supporters of Mercy and Unity Hospitals are encouraged to name the Foundation as beneficiary or contingent beneficiary of their life insurance policies. Such designations shall not be recorded as gifts to us until such time as the gift is irrevocable.

      While the life insurance policy will identify the Foundation as the beneficiary, we will work with the donor to clarify the purpose of the gift - whether it is for endowment (existing or new), specific program or department, or unrestricted use - by attachment of a memorandum, letter, or endowment agreement to the policy.

  • For more information

    Call 763-684-6808