A Gift of a Life Insurance Policy
In some cases, donors wish to make a gift of life insurance that is no longer needed for its original purpose. Simply ask the life insurance company for a Designation of Beneficiary form. To make an irrevocable transfer that will receive gift credit, the donor must name Hope Hospice & Palliative Care Rhode Island as both the beneficiary and the owner. The prospective donor will receive gift credit for the cash surrender value of the policy and may claim that value as an income-tax deduction in the year of the transfer. In general, Hope Hospice & Palliative Care Rhode Island will redeem the policy for its cash value and use the proceeds for the purpose designated by the donor.
Prospective donors interested in gifting a life insurance policy may contact the Philanthropy Office at (401) 415-4215, for further details.
Note: Hope Hospice & Palliative Care Rhode Island is a not-for-profit health-care organization specializing in end-of-life care. We do not provide tax, legal, or financial advice. Any document or information shared by our staff is intended to be educational. Hope Hospice & Palliative Care Rhode Island strongly encourages all of our donors to seek counsel from their own legal and financial advisors. Please know that any information or documents shared by Hope Hospice & Palliative Care Rhode Island staff cannot be used to avoid tax-related penalties.