Gifts of Life Insurance Policy

Life insurance policies are an effective way of creating a lasting impact that will support health care in Richmond for years to come. You can donate a life insurance policy to Richmond Hospital Foundation by naming Richmond Hospital Foundation as a beneficiary in a new or existing policy. It is an affordable way to make a significant gift to the foundation while enjoying tax savings.

As gifts of a life insurance policy are separate from your estate, they are NOT subject to probate fees or other settlement delays. This means your gift will support health care for future generations at Richmond Hospital and in the community as soon as it’s received.

There are a number of ways you can use life insurance policies to provide the very best in care, close to home:

1. Purchase a new policy naming Richmond Hospital Foundation as the owner and beneficiary. All premium payments that are paid by the donor are fully tax deductible during the donor’s lifetime. After the passing of the donor, Richmond Hospital Foundation will receive the full proceeds of the policy.
2. Name Richmond Hospital Foundation as the beneficiary of an existing policy. After the passing of the donor, Richmond Hospital Foundation will receive the proceeds of the policy and the donor’s estate will then receive a donation receipt for the total gift amount which can be used for the final tax return.
3. Transfer ownership and beneficiary of a partially or fully paid policy to Richmond Hospital Foundation. The donor will receive a donation receipt for the cash surrender value at the time the policy was donated. Any further premium payments made on this policy by the donor are tax deductible.

Please connect with your insurance agent and/or financial advisor for the options that work best for you.

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