A life insurance policy is an excellent way to make a significant contribution to the Woodstock Hospital Foundation without affecting the security of your family. For a nominal investment of cash while you are living, you can leave a meaningful gift to the Hospital. A gift of life insurance can work in a few different ways.

Donors can either:

  • Sign over a paid-up policy to the Woodstock Hospital Foundation and receive a tax receipt for the cash value of the policy.
  • Purchase a new policy, naming the Woodstock Hospital Foundation as the owner and beneficiary, and receive a tax receipt for each premium you pay. These payments can either be made directly to the insurance company or to the Foundation.
  • Name the Woodstock Hospital Foundation as beneficiary (not the owner) of a policy. In this case, the donor retains ownership of the policy for life. All or part of the proceeds will go to the Foundation upon the donor's death and your estate will receive the tax savings.

All of these forms of life insurance are welcomed by the Woodstock Hospital Foundation as a possible alternative to cash gifts. Like bequests, gifts of life insurance are considered legacy gifts – although the Woodstock Hospital Foundation will not receive the funds until some time in the future, there is an opportunity to thank donors now for their future contribution.