Life Insurance Gifts

Advancing the quality of health care in Hancock and western Washington Counties through philanthropic and community support for Maine Coast Memorial Hospital.
You Can Make a Difference
When you first bought a life insurance policy, you probably hoped to ensure the financial stability of your family should something happen to you or your spouse. Similarly, you can help protect Maine Coast Memorial Hospital's future through your life insurance policy. In addition, gifts via life insurance can offer exceptional leveraging and important tax advantages for you.
Here are options:
  • If you have a life insurance policy you no longer need, consider transferring ownership to Maine Coast Healthcare Foundation. This policy, if initiated several years ago, may be sort of a hidden asset, now available to be used for your philanthropic purposes.
  • Change your beneficiary on an existing policy. It is important to remember that it is free to update who you have designated as your beneficiary; just contact your life insurance company. Gifts of life insurance policies provides the donor with a charitable contribution for the present cash surrender value; contributions made for premiums paid after the transfer are also tax deductible.
  • You can also take out a new life insurance policy specifically to make a gift larger than you ever thought possible. You can take out a policy with Maine Coast Healthcare Foundation as the owner and beneficiary, and make a substantial gift at an affordable cost. In this instance, your annual premiums are fully deductible as charitable gifts. In some cases, the policy can be paid up in just a few years, and you will have insured the Foundation’s future with a gift that you know will carry out your charitable interests.
Insurance policies can be a wonderful, affordable way to give to Maine Coast Healthcare Foundation allowing you to make a truly significant gift that may otherwise have been well beyond your ordinary means.
Note: There are many varieties of insurance policies and insurance companies. Maine Coast Healthcare Foundation will work with you and your financial advisor to determine the appropriateness of making a gift in this way.
 Maine Coast Healthcare Foundation is a 501(c)(3) nonprofit organization.
All contributions are tax-deductible to the full extent provided by law.