Life Insurance Plans

A legacy gift of life insurance often takes one of these two forms:

1) Naming the Boston Rescue Mission as a beneficiary of your life insurance policy allows the cash value of the policy to meet any potential long-term care expenses throughout your life. Only the death benefit is transferred to the Mission. If you prefer to name loved ones as beneficiaries instead, you can name the Mission as a contingent beneficiary, which receives policy funds only if your loved ones do not survive you.

By naming the Mission a beneficiary of your life insurance policy, you retain control over the policy in case your situation changes. However, there is no income-tax deduction for the policy value or ongoing premium payments.

2) Naming the Boston Rescue Mission as the owner of your life insurance policy means that you either transfer ownership of your life insurance policy to the Mission or apply for a new life insurance policy with the Mission as the policy owner. You would make annual contributions to the Mission equal to the premium and the Mission would receive the death benefits.

By naming the Mission as the policy owner, you can potentially deduct the full premium for federal income taxes. However, you also cannot change the beneficiary or access the cash value. Outside of Massachusetts, check with state laws to verify that this option is available.

To give a gift of life insurance to the Boston Rescue Mission,  contact John Samaan at jsamaan@bostonrescuemission.com or via phone at 617-338-9000 ext. 1216.