Two forms of life insurance are typically donated.

• Paid up whole and universal life insurance policies.
• Newly issued whole and universal life insurance policies.

A paid up policy has a cash value that may be used immediately if necessary by Raritan Bay Healthcare Foundation.

Taking out a new whole life or universal life insurance policy is one way to make a significant gift. The policy may be structured such that you only pay premiums for about ten years and each premium payment is tax-deductible. If you are considering such a policy, we suggest that you contact the by Raritan Bay Healthcare Foundation before beginning the insurance policy paperwork.

For all existing whole and universal life insurance policies, you should name by Raritan Bay Healthcare Foundation as both owner and beneficiary. Your tax deduction is equal to the lesser of either the replacement cost or the cost basis of the policy. If you pay any further premiums, payments in the amount of the premium should be paid to the by Raritan Bay Healthcare Foundation. The Foundation will then pay the premium.