Gifts of Life Insurance

How It Works

  • You transfer ownership of a paid-up life insurance policy to the JFS Foundation.

  • The JFS Foundation elects to cash in the policy now or hold it.

Benefits

  • Make a gift using an asset that you and your family no longer need.

  • Receive an income tax deduction equal to the cash surrender value of the policy.

  • You may be able to use the cash value of your policy to fund a gift that delivers income, such as a deferred gift annuity.

A life insurance policy is a wonderful asset that can be used to create a much greater philanthropic impact  than you might have thought possible. If you are carrying more insurance coverage than your family obligations now require, or if you would like to explore a low-cost/large impact gift generally, consider using life insurance to create a meaningful endowment at the JFS Foundation for relatively little cost.

Donate an Existing Policy

You can irrevocably designate the JFS Foundation as the owner and beneficiary of an existing policy. If the policy is fully paid up or otherwise has an internal value, you will be able to claim a current income tax charitable deduction at the time of contribution for approximately the cash surrender value of the policy. In addition, if the policy is not yet fully paid up, you will continue to make annual premium payments as they are due and will be able to claim a tax deduction for each payment.

Donate a New Policy

You can also create a gift by taking out a new policy and donating it to the JFS Foundation. A new policy probably won’t have much, if any, internal value, so you won’t be able to claim a significant deduction at the time of contribution, but your future premium payments will be tax deductible as noted above. If you are interested in purchasing a new policy and donating it to the JFS Foundation, please call for more details.

Designate the JFS Foundation as Beneficiary

If you have a policy that is not yet ripe for outright donation, you can create a wonderful legacy by designating the JFS Foundation as a partial or full beneficiary of an existing policy. You will retain ownership of the policy and the flexibility to change your beneficiary designation later if your circumstances change, but any policy proceeds distributed to the JFS Foundation will be exempt from estate tax in your estate and create a wonderful legacy at comparatively low cost.

 

A gift of life insurance is for you if:

  • You are maintaining insurance coverage that your family no longer needs.

  • You hold few appreciated securities in your portfolio, or few that you wish to donate and are looking for an alternative way to give.

  • You are a younger donor who wants to create a future gift for us at a lower cost.

Questions? Already included the JFS Foundation as beneficiary?

Please let us know if you have already included the JFS Foundation as your life insurance beneficiary or if you are considering doing so. 
We'd love to hear from you!

CONTACT US

 

The JFS Foundation

5402 Arapaho Road

Dallas, TX 75248

972.437.9950