Gifts of Life Insurance
Life insurance offers you the opportunity to make a significant gift to BIDMC with tax benefits. If you have more insurance coverage than you need, you may consider giving BIDMC a paid-up policy. By transferring the ownership of your policy to BIDMC, you receive a charitable income tax deduction equal to the policy's cash surrender value or cost basis, whichever is less.
Summary of benefits:
- Receive a federal income tax deduction in the year that you make the gift.
- Make a more significant gift to BIDMC.
- Receive membership in the Lunn Society, BIDMC's recognition society for individuals who have made a planned gift.
Note: The information on this website is not intended to serve as legal or financial advice. When planning a specific charitable gift, the services of a legal or financial advisor should be obtained.