LIFE INSURANCE can be used to fund a charitable gift to the Jewish Community Foundation of the Jewish Federation of Greater Pittsburgh, permitting you to make a substantial legacy gift for a relatively modest outlay.
How Does It Work?
There are several different ways you can contribute to the future of the Jewish community through life insurance policies:
- You may transfer a fully-paid existing insurance policy to the Federation and name the Federation as the policy’s irrevocable owner and beneficiary.
- The Federation is assured of a guaranteed sum in cash at the end of your life, to be used for purposes that you specify. You will receive a tax deduction for the value of the policy at the time of the contribution.
- You may purchase a life insurance policy and name the Jewish Federation of Greater Pittsburgh as the irrevocable owner and beneficiary.
- You make the annual premium payments, for which you may also receive a charitable income tax deduction.
- At your death, the insurance policy’s benefits go to the Federation as you specify.
Additional Benefits Through a Foundation Program
The Foundation has a special program to pay half of the premiums for gifts of insurance purchased to create an unrestricted endowment or a Community Campaign endowment. To qualify for the program, the following guidelines are required:
- Policies must be issued by companies rated “A” or better by two or more major rating services.
- Illustrating proposals must show that the policy is fully funded in three annual payments.
- The contract can be individual life or survivorship life.
What Are The Benefits?
- You receive a charitable income tax deduction for the life insurance premiums you pay.
- A gift of life insurance is easy to arrange and to administer.
- You can fund a large endowment to support Pittsburgh’s local agencies and overseas beneficiaries, even if you do not currently have the funds to do so.
- You can choose to specify the purpose of the life insurance benefit, such as creating or augmenting an unrestricted endowment fund, a Lion of Judah Endowment or Legacy Fund.