Gifts of Life Insurance
You can create a significant legacy gift and support our Jewish community forever at a fraction of the cost by leveraging life insurance.
The Foundation offers a Legacy Match Life Insurance Program with a 50 percent match reducing the donor's out-of-pocket costs with tax-deductible premium payments for only five years.
These insurance premium payments are treated as a charitable gift to the Greater Miami Jewish Federation as the Federation is the owner and beneficiary of the policy.
How it works:
- Apply for a new life insurance policy and designate Greater Miami Jewish Federation as both the owner and beneficiary of the policy.
- Make a charitable, tax-deductible gift to Greater Miami Jewish Federation in the amount of 50% of the total annual premium for a set number of years (not to exceed 5 years).
- Federation will match the amount of your gift and pay the total premium for the policy.
Example: Below is a table with sample rates for a $250,000 life insurance policy gift*
| AGE of Couple | Annual Cost to Donor (with 50% match) | Total Cost Over 5 Years | Annual After-Tax Cost | TOTAL AFTER-TAX COST |
|---|---|---|---|---|
| 40 | $3,302 | $16,510 | $2,080 | $10,400 |
| 50 | $4,614 | $23,070 | $2,907 | $14,535 |
| 60 | $7,275 | $36,375 | $4,583 | $22,915 |
| 70 | $11,299 | $56,495 | $7,118 | $35,590 |
*These are sample rates for illustration purposes only. Actual rates may vary based on age, health and interest rates to be confirmed on an individual basis.
Benefits:
- Create a significant legacy gift at a fraction of the cost
- Paid premiums are tax-deductible
- Easy to arrange and easy to administer
- Establishes endowment to support the Jewish community separate from family money, will or estate plan
To learn more, contact Scott Kaplan or Jill Hagler.
What if I already own a Life Insurance policy?
If you have a whole or universal life insurance policy that has outlasted its original purpose, you may want to consider naming the Greater Miami Jewish Federation as a remainder beneficiary of all or part of your life insurance policy.
Benefits of gifting an existing life insurance policy:
- Does not affect your current income or assets during your lifetime
- Easy to create and modify using the beneficiary designation form
- Establishes your legacy separate from family money, will or estate plan
How to make a gift of an existing life insurance policy
Contact your life insurance provider, request a beneficiary designation form from the insurer and include the Greater Miami Jewish Federation as the beneficiary of your policy. The form can also be found online. Your legacy commitment is complete once you fill out the form, return it to the appropriate insurance provider or specific advisor, and provide a copy to The Foundation of the Greater Miami Jewish Federation.
You can also designate the Greater Miami Jewish Federation 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.
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 any 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.
