Life Insurance – Designating a Beneficiary
If you no longer need a life insurance policy to provide for a child’s education or to support a spouse, consider this:
You can leave a lasting legacy by simply designating the Palo Alto Medical Foundation as a beneficiary of the proceeds. Or, you can donate the policy itself and receive an income-tax deduction this year.Insurance companies use a standard form to change a beneficiary or transfer ownership of a policy.
Please contact your agent or broker to obtain the proper form.
With a gift of life insurance you can:
- Maintain control and flexibility
- Create a permanent endowment
- Honor someone with a memorial gift
- Receive naming recognition for your gift
- Support your favorite program or service
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.