Outright Gift of Life Insurance
Powerful and Simple Way to Support Our Work
When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a powerful and simple way to support our work. There are three ways to give life insurance to Mercy Medical Center:
Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name Mercy as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes.Watch How It Works
See How It Works
- Contact Lorrie Erusha CFRE, MOL at 319-369-4768 or LErusha@mercycare.org for additional information on life insurance.
- Seek the advice of your financial or legal advisor.
- If you include Mercy in your plans, please use our legal name and federal tax ID.
Legal Name: Mercy Hospital, Cedar Rapids, Iowa, Endowment Foundation, Inc.
Address: 701 10th St. SE, Cedar Rapids, IA 52403
Federal Tax ID Number: Please contact us for our federal tax ID number.
How You Can Benefit From Giving Life Insurance
Learn more about this simple gift by downloading your FREE copy of our informative guide Change Lives With Life Insurance.View My Guide
Lorrie Erusha CFRE, MOL
Phone: 319-369-4768, LErusha@mercycare.org
Personal Estate Planning Kit