Life Insurance

Amplify your impact with a gift of life insurance.

A life insurance policy is an excellent way to make a significant gift to Children's Medical Center Foundation. If you have a policy that has outlasted its original purpose, or want to make a large gift without affecting your cash flow, you can use your policy to make life better for children.

Benefits of gifts of life insurance

There are several benefits to making a gift of life insurance, depending on your needs and goals:

  • If you have a policy that no longer serves its original intent, you can include Children’s Medical Center Foundation as a beneficiary or transfer ownership.
  • You may receive a charitable income tax deduction or lower your estate tax liability.
  • The proceeds of your policy will be paid to Children's Medical Center Foundation at the termination of the policy.
  • Your gift will be recognized for the full insured amount of the policy.
  • There is an option for Children’s Medical Center Foundation to surrender the policy for its current cash value to make an immediate impact.

How to make a gift of life insurance

There are three common ways to make a gift of life insurance:

  1. Include Children’s Medical Center Foundation as a beneficiary
    You may contact your life insurance provider, request a “beneficiary designation form” from the insurer and include Children's Medical Center Foundation as the beneficiary of your policy.
  2. Transfer ownership of your policy to Children’s Medical Center Foundation
    You may submit a "change of ownership" form to your insurance company. If premium payments are still necessary, you can make an annual tax-deductible gift to Children’s Medical Center Foundation and we use it to pay the premium.
  3. Obtain a new life insurance policy
    You may create a new policy with the help of an insurance advisor, designating Children’s Medical Center Foundation as both the policy owner and beneficiary. The premiums are typically paid over a limited period, with the donor gifting the annual premium amount for tax benefits.

Our team is here to help.

If you have any questions about gifting a life insurance policy, please reach out to our Director, Legacy and Gift Planning, Kelsey Picken at Kelsey.Picken@childrens.com or 469-516-7024.