Gifts of Life Insurance
Life insurance can be used to make a charitable gift to the Jewish Federation of Metropolitan Chicago, permitting you to make a substantial legacy gift for a relatively modest cash outlay. This gift helps take care of the needs of the future. However, your generous JUF Annual Campaign gift is still critical for today.
How to make a life insurance gift
There are two ways to use life insurance in your charitable planning.
- You can purchase a new life insurance policy and name the Jewish Federation of Metropolitan Chicago as the irrevocable owner and beneficiary.
- At the end of your life, the insurance policy benefits are paid to the Jewish Federation to be used in a way you have previously designated as your legacy to the community.
- You can transfer an existing policy and name the Jewish Federation of Metropolitan Chicago as the policy’s irrevocable owner and beneficiary.
- You receive an income tax deduction for the cash value of the policy as well as a deduction for any future premiums paid.
- The Jewish Federation is assured a guaranteed sum, in cash, at the end of your life.
- The annual premium payment may be tax deductible if the gift is structured properly.
- The ability to make a more significant gift than might otherwise be possible.
- Supporting, in perpetuity, the Jewish community and other programs and institutions that are important to you.