Gifts of Life Insurance
"The results of philanthropy are always beyond calculation." - Miriam Beard Sometimes people no longer need a life insurance policy they purchased when they were younger to protect a growing family and/or they have accumulated ample assets necessary to meet day-to-day financial demands. In this case, the cash value of a life insurance policy as a charitable gift may make sense. Donors may also establish new cash value policies on themselves and deduct the premiums as long as St. John's Hospital is named owner and beneficiary of the policy. How it works 1. You transfer ownership of a paid up life insurance policy to the Friends of St. John’s Hospital. 2. The Foundation elects to cash in the policy now or to keep the policy and receive the death benefit later. Benefits • You receive gift credit and an immediate income tax deduction for the cash surrender value of the policy. • You can have the satisfaction of making a significant gift now to St. John's Hospital without adversely affecting your cash flow. For more information For more information on gifts of life insurance, please email or call the Friends of St. John's at (217) 544-6464, ext. 45160. * The information contained in this website is for informational purposes. You should seek advice from your personal legal or tax advisor to determine your individual tax benefits.