If there are charities you’ve supported during your life, its absolutely appropriate to want to support them after you’re gone, with a final bequest. One way to do this is to use your life insurance policy.
By leaving your life insurance death benefit to the charitable organization of your choice, you’ll be able to make a larger gift than you likely would have been able to do during your lifetime. The cost to you is merely the total of your payments into the policy, but your actual death benefit is likely to far exceed that number.
You may even be able to make your life insurance premium payments tax deductible by designating a charity as your beneficiary, though you should always seek the expertise of your financial planner or tax advisor before doing such a thing, so that you’re certain everything is structured correctly. (We don’t give legal or tax advice.)
To help ensure that the charity you wish to support received your death benefit, you may want to consider whole life insurance or universal life insurance, rather than term life. Talk to your financial planner about which policy is the best choice for you.