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Gifts of Insurance

A gift of your life insurance policy is an excellent way to make a gift to Renown Health Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy or name Renown Health Foundation as the beneficiary of the policy. For example, you may have purchased a policy to provide for children and they are now financially independent adults.

Flowchart: Donor makes a gift of an insurance policy to Renown. Renown either keeps the policy until maturity or cashes in the policy for its cash value.

Benefits of gifts of life insurance

  • Possibly receive a charitable income tax deduction
  • Possibly receive additional income tax deductions each year that you make additional contributions so that Renown Health Foundation can pay the annual insurance premiums
  • At death, the proceeds of your policy will be paid to our organization and we will use the insurance proceeds to continue our charitable work

How to make a gift of life insurance

  • By Beneficiary Designation: to make a gift of life insurance by beneficiary designation, please contact your life insurance provider, request a beneficiary designation form from the insurer and include Renown Health Foundation as a beneficiary of your policy. You can designate Renown Health Foundation as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.
  • By Transferring Ownsership: Renown Health Foundation will accept gifts of certain whole life, variable, and universal life insurance policies. Certain policies pose challenges. We have adopted policies to limit the acceptance to certain life insurance policies. Please check with us before making Renown Health Foundation owner of any life insurance policy so we can explain our gift acceptance policies.

Contact us

If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have.

Notify us

Please let us know if you have already named Renown Health Foundation as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift by welcoming you to the Renown Legacy Society.