Gifts of Life Insurance

Life insurance can be a good way to leverage affordable premium payments into a substantial future donation. Whether it is an old policy that has outlived its original purpose (such as for a spouse who no longer needs it, a child who is financially independent, or to protect a business that no longer exists) or a new policy purchased specifically to benefit Oconomowoc Memorial Hospital, a gift of life insurance can allow you to leave a much larger gift than may have been possible during your lifetime.

How can I make a life insurance gift?

There are a number of different strategies from which to choose, as well as a number of tax rules and differing state laws that may influence your decision. For example:

• Name Oconomowoc Memorial Hospital Foundation as the beneficiary of your policy
• Assign your annual dividend to the Foundation
• Give Oconomowoc Memorial Hospital Foundation a paid-up policy that you already own 
• Give a policy to Oconomowoc Memorial Hospital Foundation on which you are still paying premiums
• Take out a new policy and make Oconomowoc Memorial Hospital Foundation the beneficiary
• Buy a policy, naming your heirs as beneficiaries, to replace money or property that you will be donating to the Oconomowoc Memorial Hospital Foundation
• Replace a bequest with life insurance

If you are considering a substantial gift of life insurance to Oconomowoc Memorial Hospital, ask your attorney or tax advisor to help you decide on the best approach.  Whatever your goal, life insurance can be a valuable tool to fund your gift.  A modest gift today can provide an asset that will help the Hospital far into the future.