Gifts of Life Insurance
Many individuals have life insurance policies whose benefits they no longer need. If this applies to you, you may want to consider naming BIDMC the beneficiary and assigning the Medical Center ownership of the policy.
A simple way to make an important gift to the Medical Center is to include Beth Israel Deaconess as a named beneficiary of a life insurance policy. Your estate will be entitled to a charitable deduction for the amount of this gift.
Or perhaps you have a paid up life insurance policy that was needed when you had young children, but is no longer necessary to meet family needs. If you donate the policy by transferring ownership to Beth Israel Deaconess, you are entitled to a charitable deduction; generally the replacement value of the policy.
If you transfer ownership of a policy with premiums (existing or new) and elect to continue paying the premiums yourself, you can receive a charitable deduction and also receive an annual income tax deduction for the value of the premiums paid.
