Billionaire investor Leon Cooperman and his wife, Toby, have named the Jewish Community Foundation of MetroWest NJ owners of a $20-million life-insurance policy, New Jersey Jewish News says.

The gift is believed to be the largest ever to the fund, to which the Coopermans are longtime donors. At least half of the money will go to the Cooperman Family Fund for a Jewish Future, established by the couple in 2010 to support Jewish youth programs, including summer camps and trips to Israel.

“We are very active in our Judaism and trying to make sure that we continue to exist as a religion and a group,” said Mr. Cooperman, the chairman and CEO of Omega Advisors. The Coopermans signed Warren Buffett and Bill and Melinda Gates’s Giving Pledge to give away most of their wealth to philanthropy.