Gifts of Life Insurance

A gift of your life insurance policy is an excellent way to make a gift to the Jewish Federation of Greater Philadelphia.

Life insurance is an advantageous way to fund an endowed gift to the Jewish Federation of Greater Philadelphia. A large endowment fund can be created through relatively small premium payments, leveraging your dollars to create a more meaningful gift. You can make a gift of an existing policy or establish a new policy with Jewish Federation as the owner and beneficiary.

Gift of an existing policy

You may own a life insurance policy that has outlasted its original purpose - For example, you may have purchased a policy to provide for minor children and they are now financially independent adults. Consider making a gift of your policy to the Jewish Federation, naming it as owner and beneficiary.

• You are able to receive a charitable income tax deduction of slightly more than the net cash value of the policy
• You can receive additional tax deductions by making annual gifts to Jewish Federation so that we can pay any premium payments.

Gifting a New Policy

You can establish a new life insurance policy, with Jewish Federation as the owner and beneficiary.

• Your contributions to the Jewish Federation in the amount of the annual premium qualify as charitable gifts, which are eligible for a charitable income tax deduction.
• Typically, the younger you are, the lower the premium payments. More savings may also be available for married couples if the policy is on both lives and is payable at the death of the surviving spouse.
• Jewish Federation offers a match to subsidize a portion of the premium payments on larger policies.

Please note: Jewish Federation is only able to accept gifts of whole life or other permanent types of life insurance. Term policies are not accepted because they do not accrue cash value or provide for the long-term support of the organization.

Other considerations

You can also designate Jewish Federation of Greater Philadelphia as a partial, full or contingent beneficiary of your life insurance policy. You will continue to own and can make use of the policy during your lifetime. Your estate may benefit from an estate tax charitable deduction.

Your deduction for the gift of life insurance will depend on whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made.

Contact us

If you have any questions about making a gift of a life insurance policy, please contact us. We would be happy to answer questions that you have. Please let us know if you have already named us as a beneficiary of your life insurance policy. We would like to thank you and recognize you for your gift.