Giving Life Insurance to the Cabell Huntington Hospital Foundation is possible. We can accept whole life, variable, and universal life policies that is either paid up or—if it has outstanding loans or obligations—fits these four criteria:
1. A minimum cash value of $25,000
2. Has a payment schedule no longer than 10 years and which assumes an interest rate not to exceed 1 percent below the prevailing prime interest rate as reported periodically in the Wall Street Journal (for existing policies an “in force” illustration will be required)
3. Includes a written pledge from the donor to make a charitable contribution to the foundation that is equivalent to, or greater than, the premium payments. And, includes an agreement to make pledge payments by, or previous to, the due dates on the policy loan
4. Cabell Huntington Hospital Foundation is designated as the policy’s owner and/or beneficiary
This written pledge should include an acknowledgement of the foundation’s ownership of the insurance policy being donated and acknowledge our right to cash in the policy and apply the proceeds for the foundation’s benefit—in line with applicable policies and donor restrictions.
NOTE: Such donations cannot include “start-up” life insurance programs, where the intent is that donors will make donations to the foundation in return for the foundation using those proceeds to pay the insurance premiums. Nor can the Cabell Huntington Hospital Foundation be involved with outside companies who provide premium financing.
If you would like to learn more about giving real estate, please contact Bradley Burck at 304-526-2658. Again, there is no cost or obligation for this assistance!
