Gift of Life Insurance

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A most generous gift

Life insurance's primary goal is to protect our loved ones. In situations where life insurance has served its original purpose, it can be a wonderful and significant gift to White Plains Hospital.

Steps to Gift Insurance

1. Request a designation form from your insurer.
2. Name White Plains Hospital as owner and beneficiary of your paid-up life insurance policy (see table below for other strategies). When making White Plains Hospital owner and/or beneficiary of an insurance policy, please contact us to ensure your request is honored.
3. You are eligible for a tax deduction for the cash value of the policy.
4. Your generous gift of an existing insurance policy may be kept for future benefit or cashed in by White Plains Hospital.

Here are some other ways to make a gift of life insurance.

Insurance Options

Gift Option	Tax Benefits
Donate a paid-up policy	Deduct the approximate cash-surrender value
Purchase a new life insurance policy	Deduct the premiums if White Plains Hospital is named the owner
Donate a policy where you continue to pay premiums	Deduct the approximate cash value and future premiums
Name White Plains Hospital as the beneficiary (primary, secondary or contingent)	No immediate tax benefits available, but the asset is not included in your taxable estate