Gifts of Life Insurance

Making a gift of life insurance is a way for you to make a large gift to the MUHC Foundation with relatively little cost to yourself. There are a number of ways one can contribute a life insurance policy to the MUHC Foundation: a donor can assign irrevocably a paid-up policy to the Foundation; a donor can do the same for a policy on which premiums remain to be paid; or the donor can name the MUHC Foundation as a primary or successor beneficiary of the proceeds.

By gifting a life insurance policy, the donor qualifies for a tax credit in the amount of the premium payments he/she has made.

If you have a life insurance policy you’ve held for many years and which you no longer need for financial security for your heirs and name the MUHC Foundation as the beneficiary of the policy, your estate can claim a charitable donation tax credit for the proceeds of the policy at the time of your death. The tax credit will offset income taxes payable on your terminal tax return, and the gift is not be subject to probate fees.