When you first bought a life insurance policy, you probably hoped to ensure the financial stability of your family should something happen to you or your spouse. If your circumstances have changed, you may consider making a gift of your policy to the foundation.
You can make a gift of life insurance by:
- Making the Medical Foundation the beneficiary or owner and beneficiary of a fully paid-up policy.
- Taking out a new policy with the Medical Foundation as the owner and beneficiary.
- Using, in conjunction with a life income gift, to “replace” for your heirs an asset that you have given to the Medical Foundation.
- Naming the Foundation as beneficiary of your policy and retain ownership.The Foundation will review the current cash value and the historical investment performance of each policy it receives to determine if it is appropriate to liquidate the policy or continue to keep the insurance in force.