Gifts of Insurance
A life insurance policy that has outlasted its original purpose is an excellent way to make a gift to Summa Health. For example, you may have purchased a policy to provide for minor children who are now financially independent adults. Several options are available using life insurance as part of your charitable planning.
Benefits of gifts of life insurance
- You receive a charitable income tax deduction.
- If you transfer ownership of the policy to Summa Health, you will receive additional tax deductions by making annual gifts to Summa to cover the premiums.
- If the policy has a cash value, you may use this cash gift to support Summa Health.
- If we retain the policy to maturity, or you name Summa Health as a beneficiary, the proceeds of your policy will be paid to our organization and used to advance our mission.
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include Summa Health as the beneficiary of your policy.
Please let us know if you have already named Summa Health as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.
Contact us
If you would like more information about making a gift of a life insurance policy, please contact us. We would be happy to assist you.
Additional Information
You can also designate Summa Health as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.
