There is a versatile, easy way to support compassionate, quality and accessible care at Baystate Health that you may not have considered: life insurance. A gift of a policy you no longer need can be a simple and powerful way to support Baystate Health. Often this gift can be arranged at no additional cost to you.
Here are some ways to create a legacy with your life insurance account:
Name Us a Beneficiary - Simply request a beneficiary change form from your insurance company and add our name, Baystate Health Foundation. You can name us to receive a portion of the proceeds—large or small, whatever works best for you—or the entire amount (sole beneficiary). Your decision is not set in stone and can easily be changed as your circumstances change.
Give a Paid-Up Policy - Do you have a policy that is paid-up that you no longer need? Perhaps your children are grown and doing well, or you retired from that small business long ago. You can give the policy to Baystate Health Foundation and make a generous gift, with no change to your financial situation. Additionally, you will receive a charitable deduction which will help keep more money in your bank account.
Give a Non-Paid Up Policy - Maybe you have an unneeded policy but there are still premium payments to be made. You can still make a gift by giving it to Baystate. Baystate Health Foundation can either cash it in for its current value or, if you can continue making premium payments, keep it in force for its full future value. You receive a charitable deduction for every premium paid, dollar for dollar. In some cases, the policy may have enough cash value to cover the premiums itself, which means no change to your cash flow.
Take Out a New Policy - You can take out a new policy and irrevocably name Baystate Health Foundation as the owner and beneficiary. This can be a perfect gift arrangement if you want to do more but cannot afford to make a large gift outright. You could pay the premium all at once or over a period of years, each payment is tax-deductible as a charitable gift when you itemize your taxes.
We are always happy to answer questions or share more information. Reach out to Kylie Johnson, CAP 413-794-7789 or Kylie.Johnson@BaystateHealth.org.