Planned Giving

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.

  1. 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.
  2. 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. 

Donor Benefits

  • 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.

 


The Jewish Federation of Metropolitan Chicago does not provide legal advice. Donors are encouraged to consult their independent tax and legal counsel.