Use Life Insurance to Make a Gift to Beth Israel Deaconess Medical Center

A life insurance policy can be a versatile and effective asset for making a significant charitable gift to Beth Israel Deaconess Medical Center. There are two basic ways insurance can be used to help support Beth Israel Deaconess Medical Center, and each offers different benefits to you.

Option 1: Make Beth Israel Deaconess Medical Center the beneficiary of the policy

This option allows you to:

  • Create a meaningful legacy at Beth Israel Deaconess Medical Center
  • Reduce the size of your taxable estate
  • Retain the flexibility to change your mind

Option 2: Make Beth Israel Deaconess Medical Center the owner and beneficiary of an existing policy

This option allows you to:

  • Make an irrevocable gift to Beth Israel Deaconess Medical Center today with little or no impact on your current cash flow
  • Receive a charitable tax deduction for a portion of your gift

In addition, if premiums remain to be paid on the policy, a charitable deduction is allowed for each gift you make to Beth Israel Deaconess Medical Center to cover the premiums.

Planning Tips

  • To make Beth Israel Deaconess Medical Center a beneficiary of, or owner and beneficiary of, your life insurance policy, simply contact your insurer and complete the required form. You may need to provide the following information:
    • Legal name: Beth Israel Deaconess Medical Center
    • Tax ID number: 04-2103881
    • Address: 330 Brookline Avenue, Boston, MA 02215
  • It's also possible to use a charitable donation to buy a new policy to benefit Beth Israel Deaconess Medical Center. Contact us early in your planning if you'd like to pursue this option so we can work with you on this process.
  • If you are considering designating your gift for a specific purpose, such as a scholarship fund or support for a specific department, contact us to ensure that we understand your wishes.
  • Before finalizing a gift of life insurance, review your other assets (such as appreciated stock or IRA accounts) to make sure this is the savviest way for you to reach your goals.