This could be a good option for you if:
- Your life insurance policy is paid up or has substantial cash value.
- You have no loan outstanding against the policy.
- Your family is already comfortable financially.
How It Works
There are two basic options for making a gift of life insurance. Each causes no change in your cash flow and provides the satisfaction of funding important work at Mass General.
Option 1: Give your policy to Mass General.
As the policy owner, Mass General will either a) cash in your policy and use the proceeds, or b) maintain the policy until it ends and then receive its face amount. This option gives you an immediate income tax charitable deduction for the value of your policy.
Option 2: Designate Mass General as a beneficiary of your policy.
When your policy ends, Mass General will receive some or all of your policy’s death benefit, as you have designated. Taking advantage of this option means the death benefit of your policy will not be included in your estate, which may save your family on estate taxes if your estate exceeds the applicable exemption amount. In addition, you can change your mind about your gift at any time, should your circumstances change.
The Office of Planned Giving is available to answer questions and provide additional information to share with your family and advisors.
If you include Mass General in your plans, please let us know and use our legal name and federal tax ID:
Legal Name: Massachusetts General Hospital
Address: 125 Nashua Street, Suite 540, Boston, MA 02114
Federal Tax ID Number: 04-1564655