Trustees of the Combined Jewish Philanthropies of Greater Boston this week put into effect a new–and historic–$900, 000 group life insurance program in behalf of the CJP Endowment Fund.
The plan involves insurance in amounts varying from $2,500 to $15, 000 taken out by the trustees enrolled in the program. The CJP Endowment Fund is named as beneficiary. The plan is the first group life insurance program of its type in Massachusetts and is believed to be unique in the country as well, where the proceeds of the group insurance go to the benefit of a philanthropic institution, More than 120 trustees have already enrolled in the program.
Louis P. Smith, president of the Combined Jewish Philanthropies, hailed the plan as “an historic achievement of both immediate and long-range benefit” to the work of the Combined Jewish Philanthropies. “This represents a solemn recognition on the part of the CJP trustees on the importance of developing an adequate endowment fund over and above the initial contribution to the annual campaign to enable the CJP to meet unexpected demands in the future and to help guarantee that its work will continue through emergencies as well as to supplement annual budgets,” Mr. Smith said.
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