Deferred gifts are generally put in place during one’s lifetime and are effective at death. Any deferred gift agreement that requires execution by the Foundation should first be reviewed and approved as to its form and substance. Donors are advised to consult with the Foundation regarding how to designate the gift and to discuss any restriction that is being considered.
Donors are encouraged to notify the Foundation when considering such a gift in order to ensure that the assets left to the Foundation meet the criteria set forth in MSF policy.
The Foundation will accept ownership of life insurance policies when and if the policy to be gifted is:
1) fully paid-up as of the date of the gift:
- policy must have a minimum face value of USD 1,000;
- the life expectancy of the insured must be less than 15 years on an actuarially determined basis;
- the Foundation may liquidate the policy for cash value net of any policy loans or other charges.
2) not fully paid-up as of the date of the gift, and the donor requests that the Foundation make premium payments on their behalf:
- policy must have a minimum face value of USD 5,000;
- the life expectancy of the insured must be less than 15 years on an actuarially determined basis;
- the Foundation may liquidate the policy for cash value net of any policy loans or other charges;
- donor agrees to forward contributions to the Foundation in amounts equal to the cost of corresponding periodic premium payments;
- amount of the periodic premium must be greater than USD 200.
3) not fully paid-up and the donor will pay future owed premiums directly to the insurance company until policy is fully paid-up:
- policy must have a minimum face value of USD 1,000;
- the life expectancy of the insured must be less than 15 years on an actuarially determined basis;
- the Foundation may liquidate the policy for cash value net of any policy loans or other charges.
Only individual gifts of life insurance shall be accepted; individual insurance policies purchased by a group of individuals will not be accepted. The Foundation will not accept ownership of term life insurance policies.