Naming Spectrum Healthcare Foundation as owner and beneficiary of a paid-up policy entitles you to a deduction equal to your cost basis in the policy, or its replacement cost - whichever is less. Naming Spectrum Healthcare Foundation as owner and beneficiary of a policy that is not paid up provides you with a tax deduction approximately equal to the policy's cash surrender value.

You also may purchase a new policy and name Spectrum Healthcare Foundation as owner and beneficiary. By donating the money required for the premium payments directly to Spectrum Healthcare Foundation, you receive a full tax deduction for these annual gifts.

Life insurance also can be purchased for yourself to replace other donated assets. For example, if you made a gift of real estate to Spectrum Healthcare Foundation, you could purchase a policy for the amount of this gift to ensure that your family will be taken care of as well.