As a former professional in the financial services field, it was not unusual to work with clients who had existing life insurance policies that were fully paid up. If those policies were no longer needed, the discussion initially was focused on cashing them in. At the same time, this was an ideal situation to consider using those policies as part of an overall giving program to their favorite non-profit organizations.
When asked to be part of the One Mercy Capital Campaign, I enthusiastically agreed. As a long-term resident in the Greater Portland area, I am well aware of the role Mercy Hospital has played in providing comprehensive medical care with a unique community focus first established by the Sisters of Mercy over 100 years ago. I was excited about the plans to consolidate their services at Fore River. In my professional life, I worked with a number of former Mercy Board members, staff and patients who always spoke highly of their experiences at Mercy. My personal experiences with medical professionals as a patient myself in the Emergency Room more than once were reassuring and always delivered with a caring hand.
When the Capital Campaign for One Mercy began, I gladly pledged at a level appropriate for us with the hope we might do more at some point. As an advocate for planned giving in any overall philanthropic program, I looked at my own situation to see what might be possible. Fortunately, there was one life insurance policy that had been purchased a number of years ago that was now fully paid up. With other life insurance in place as part of our estate plan, it was an easy decision to use the policy for other purposes. The death benefit has grown in value and will most likely continue to do so. It was a simple process in working with the staff at Northern Light Health Foundation to arrange to have those proceeds paid to the One Mercy Program when I die.
A planned gift is one that is intended to be completed in the future. It can be part of one's will, a life insurance policy designation or any number of other techniques that are designed to meet the needs of the donor. In our case, using a fully paid up life insurance policy was appropriate and achieves our needs as well as the long term needs of Northern Health Mercy Hospital. Doing something now as well as helping to provides funds in the future is a win-win!
- Richard Sawyer
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