Life Insurance Legacy

Did you know that you can create a sizable charitable gift through the use of life insurance? Among the many unique features of life insurance is the opportunity to assist charitably-inclined individuals to make substantial gifts. The annual donation of a relatively modest premium guarantees the eventual fruition of a sizable bequest; the annual premium is tax deductible. Life insurance is one of many financial tools which can be used in planning donations. This method can transform a modest gift into a lasting legacy in your name or family member you wish to have remembered in a special way.
 
The Process
Life insurance policies used in charitable giving include all types and forms available -- whole life, term, group, endowment, etc. The process works as simple as this: you and Saint Anthony's Foundation work together to decide the size of your donation and the amount of legacy you would like to set up. Saint Anthony's Foundation is the owner and beneficiary of the policy and you are the insured. The policy can be funded with a single premium donation to Saint Anthony's Foundation or a smaller yearly donation. At your death the insurance company pays the death benefit to Saint Anthony's Foundation. Your endowment is then fully funded. 

Gift Existing Policy
You may own insurance that is no longer needed in your financial plan. These policies make wonderful gifts. Not only is the cash value of the policy tax deductible as a donation, but future premiums may also be deductible. 

Uninsurable?
Suppose you are uninsurable. As an alternative, you could insure your spouse or child or you can donate money to Saint Anthony's Foundation and they will insure a key employee or friend of the hospital. 

Name Saint Anthony's Foundation as Contingent Beneficiary
A contingent beneficiary is the person or organization to receive the proceeds of your life insurance policy when the primary beneficiary is not living. If your secondary beneficiaries no longer need the proceeds of one of your policies, why not name Saint Anthony's Foundation as your contingent beneficiary? 

Special Recognition
Saint Anthony's Foundation has been formed to express appreciation to individuals who choose to remember the Foundation through planned gifts. Life Insurance policies in any amount entitle the donor to receive special recognition by Saint Anthony's Foundation. 

Planning
The use of life insurance for giving calls for careful planning and should only be undertaken after consultations with your tax advisor, life insurance advisor and the development office at Saint Anthony's Foundation. 

For more information please send email to  foundation@sahc.org, or call 618/463-5204 

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