Life Insurance

Donating life insurance is another creative way to make a meaningful charitable gift. Here are some options to consider:

• Give a paid-up policy. Newport Hospital Foundation may be named as the beneficiary through a transfer of policy ownership. Your charitable deduction would be about equal to the policy cash surrender value.
• Give a policy you are still paying premiums on. Newport Hospital Foundation may be named as the beneficiary through a transfer of policy ownership. Your charitable deduction is the approximate cash value and future premium payments on the policy.
• Assign the dividends to Newport Hospital. The value of your dividends becomes an annual donation.
• Purchase a new policy in the name of Newport Hospital Foundation.
• Designate a beneficiary. Name Newport Hospital Foundation as a beneficiary to receive all or a percentage of the policy. A charity may be named as a contingent beneficiary.

The 1% Planned Gift

The Easiest Planned Gift

Simply designate 1% (or any percentage) of an insurance policy you control to the hospital foundation of your choice. You can keep your family and loved ones as 99% beneficiaries while making a charitable planned gift.

Ways to make a 1% planned gift:

• Obtain an insurance Change of Beneficiary form your agent or your company's Human Resources Department. It can be changed at any time.
• Contact your attorney about making a "1% Planned Gift" by adding a codicil attachment to your will. More about donating through your will and suggested wording for your attorney.

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For more information, please contact the Newport Hospital Foundation office, at 401-845-1617 or email Lianne Pinheiro at lpinheiro1@lifespan.org or contact Eric Archer, Planned Giving Specialist 401-423-0083or PGInfo@lifespan.org.