Life Legacy FAQ

Got A Question? We have an answer! Check out our most commonly asked questions.

Legacy Giving Policies

The younger you are, the more affordable the plan can be! So the best time is now! If you’re passionate about making a difference in this world and want to donate like a millionaire without spending the money – Life Legacy has got you covered. So if you’re a U.S. citizen or permanent resident between the ages of 21-80, we welcome you to apply now. The world is counting on you to make a difference and an unforgettable legacy.

Planned giving is also referred to as gift planning or legacy giving. It enables you to make larger gifts to charitable organizations than you could make from ordinary income.

In short, a legacy gift is any major gift, made during your lifetime or after your death as part of your overall financial and/or estate planning. These include gifts of equity, life insurance, real estate, personal property, or cash.

For Life Legacy, members achieve planned giving/legacy giving by leaving a life insurance benefit to a nonprofit or charitable organization.

Once you submit an application on the Life Legacy platform, underwriting begins. Underwriting is the process insurance companies use to determine whether they are able to offer insurance coverage to applicants, and also determines the premiums they’ll charge. Factors such as age, sex, health and lifestyle contribute to the insurance company’s decision during the underwriting process. The good news is that most of Life Legacy’s partners offer no-medical test decisions for qualified applicants

Term life insurance is the most simple and affordable option when compared to other types of insurance. Term life provides coverage for a set period of time or “term” that typically lasts 10-30 years, and is designed to protect your family from financial hardship or provide a gift to charity if you die during the term. Your beneficiaries receive a lump-sum payment (also known as the “death benefit”). When choosing your policy, select a term based on how many years you need coverage.

During the term, you’re required to pay a monthly premium to keep the policy in place/active (similar to car insurance or a subscription). If you were to die during the term, whoever you designate as the beneficiary will receive the lump-sum payment from the policy.

If you live through the duration of your term, you’ll have the option to let your policy end, or in some cases, you’ll have the ability to renew your coverage. Alternatively, you can re-apply for a new policy – but keep in mind, insurance premiums (particularly for life insurance) increase as you age. Re-applying after your initial term means your rate will be much higher, so consider a term that’ll last until you anticipate no longer needing coverage.

If you perish after the term ends and you haven’t renewed your coverage or purchased a new policy, no benefit will be paid to your beneficiary.

Whole life is a common form of permanent life insurance. While term life insurance lasts for a specified duration or set number of years (10, 20, or 30), whole life insurance is structured to last for your entire life with a guaranteed payout at the time of death.

Final expense insurance is a form of whole life insurance that has smaller death benefit maximums (typically up to $30,000) and a streamlined application process. Final expense insurance is commonly referred to as “funeral insurance,”“burial insurance,” “simplified issue whole life insurance,” or “modified whole life insurance.” Final expense life insurance is a great way for older individuals, up to age 80, to ensure the charity of their choice will receive a final gift when you pass.

A Legacy Insurance policy is unique to Life Legacy. This type of life insurance policy allows you to easily buy simple and affordable life insurance policies with nonprofits/charities listed as the beneficiaries of the death benefit.

This allows you to make  a major impact for the causes you’re most passionate about for minimal cost. In other words, you no longer need to be a multi-millionaire to leave a significant positive imprint. Instead, leave your lasting legacy behind in a financially affordable and simplified manner through our legacy insurance policies.

A death benefit, also referred to as the policy proceeds, is the amount of money that an insurer pays to your beneficiary if you pass away during the policy term. Typically, the policy proceeds are paid in a single lump sum.

In most cases, the death benefit is not taxed to the people or organizations receiving it. Always double check with an accountant or financial advisor to determine the tax impact, if any, to beneficiaries..

There may be a tax benefit to giving a life insurance policy. Please consult a financial planner or accountant for details.

A Life Legacy beneficiary is the trust/nonprofit(s) designated as the recipient of the policy proceeds after the death of the insured. The beneficiary submits a claim to the life insurance company for the policy proceeds. You, as the policy owner, can decide which nonprofit(s) to designate as your beneficiary (or beneficiaries).

Our platform aggregates the top rated 4-star charities provided by charitynavigator.org. The listed charities range across various nonprofit causes from civil rights, education, healthcare, environment and several others. Our goal is to provide access to a diverse range of impactful and safe nonprofits to take out a Legacy Giving policy for. However, if you don’t see the nonprofit you’re most interested to take a policy out for, simply type the full name of the charity/nonprofit in the open field section or email us directly at support@lifelegacy.io and we’ll immediately assist you.

Right now, we allow our Life Legacy members to have upwards of 3 nonprofits as beneficiaries on their Legacy Giving policies. If you have questions or need further customization, email us at support@lifelegacy.io.

Traditional life insurance policies typically provide coverage for your loved ones whereas Legacy Insurance policies provide coverage for a cause or nonprofit you’re passionate about supporting.

In short, the key difference between our Legacy Giving policy and a traditional life insurance policy is the death benefit is awarded to a nonprofit/charity versus a person(s).

Nonprofits collect the policy proceeds (a death benefit) when a policyholder passes away. For example, if John Doe passes away during his 30 year term policy for $100k – Life Legacy’s insurer will pay the nonprofit John Doe selected a $100k death benefit. Life Legacy’s legacy insurance policies are among the largest gifts a nonprofit will receive, often 200 to 300 times the size of annual gifts. Legacy Giving policies are vital to nonprofits’ longevity and ability to carry out their mission. Our policies also provide additional income to help sustain and support fundraising results, better-allowing organizations to weather the fluctuations in charitable giving. After all, we’re here to help make the world a better place!

About Life Legacy

Life Legacy welcomes all U.S. citizens and permanent residents ages of 21-80 to apply for a Legacy Giving policy. Currently, Life Legacy is licensed and operates in 50 U.S. states.

If you have questions about your ability to apply, please reach out to support@lifelegacy.io

Life Legacy creates a mission-driven channel that current life insurance buyers don’t have access to or knowledge of. Our platform instantly allows members to find an affordable plan, support the charity of their choice by paying monthly premiums, and most importantly, leave the world a better place

At Life Legacy our mission is to create a space that allows policyholders to leave the world better than they entered it by transforming insurance into a social good. No longer do you need to be a multi-millionaire to leave a positive imprint. Instead, leave a lasting legacy behind in a financially affordable and simplified manner through our legacy giving policies.

You won’t find an insurance company doing what we do – so join us in making this world a better place that’ll thrive for generations to come.

Life Legacy offers a variety of Legacy Giving policy options from $5,000 to $1.5 million. We’re here to provide you with the policy size that meets your goals for your unique situation.

Life Legacy partners with some of the insurance industry’s most respected companies – so you get the best of both worlds: reliability of companies rated “Good” or better from major ratings agencies and the convenience of online purchasing!

No long term commitment is required! If you wish to cancel your policy within the first 30-days, email us directly at support@lifelegacy.io. We’re happy to work with you to ensure your policy is cancelled and you receive a full refund.

After the first 30 days, you’re able to cancel your policy whenever you want, for any reason. No questions asked! And don’t worry, there’s no cancellation fees or penalties if you choose to cancel your policy. That’s our promise.

We offer several types of insurance policies at Life Legacy including, term, whole, and final expense life insurance. Our term product is simple and tends to be the most financially affordable type of life insurance, buy only provides coverage during the specified term. Our whole life insurance policies, although comparatively more expensive than term, are great for permanent planned gifts that are guaranteed to be paid to the charity of your choice.

Yes, you can apply to replace your current Legacy Giving coverage with Life Legacy. If you decide to replace any existing Legacy Giving coverage, be careful not to terminate your existing coverage until your new application has been approved, to avoid any gaps in coverage for your Legacy Giving.

At Life Legacy, each and every new member is underwritten individually and receives a price based on multiple factors, including medical history, current health, gender and age. There’s a possibility for new potential members to be denied Legacy Giving coverage due to health issues. However, having health issues should not prevent you from applying for a Legacy Giving policy. Policies have been approved for many customers with a history of health problems – so we welcome all to apply.

Application Questions

Great question! We ask you health and personal questions so that our partner’s underwriters have a clear picture of your health and lifestyle while determining your insurability for a legacy giving policy. The information we request is collected and used to verify your identity, but it also is used to expedite the underwriting process. This is the part that makes Life Legacy much faster than a traditional paper application or going to your financial adviser. To confirm your identity, we may ask for your Social Security number or driver license number. This also helps us ward off insurance fraud. At Life Legacy, we want to make it fast and simple to get your legacy giving insurance policy, but difficult for anyone who may be committing insurance fraud by trying to assume your identity. No matter where you shop for a policy (legacy giving or life insurance), you will always be asked and required to provide the same information!

Creating a Life Legacy account that uses your primary email address provides an additional layer to protect the information you submit during the application process.

Once your application is approved, Life Legacy will send a confirmation email about your policy details. You’ll have the ability to adjust the details, if needed – otherwise your policy will become active once you have paid your first monthly premium.

When you submit your application through Life Legacy, underwriters review your application and make a coverage determination. Typically, underwriting could take weeks, but Life Legacy uses new technology to help expedite this process.

If the underwriters don’t have any further questions about your application, you could be approved as soon as a day and usually not more than a week. If approved, Life Legacy will reach out to you via email to review your coverage details to ensure you’re satisfied.

There are instances when the underwriters may need more information, and you could be required to answer a few follow-up questions or get a medical exam before they can continue evaluating your application. If this happens, we’ll assist you get this done as quickly as possible.

If your application is denied, you’ll receive an email from us letting you know as soon as possible and let you know what other giving options you may have.

The answer is no! You may opt to withdraw from the application process at any time without penalty. Your electronic signature at the end of the application simply confirms that the information you’ve provided is accurate and honest – and that you’ve given permission to Life Legacy to begin underwriting your policy.

Once you submit your application, the underwriters decide whether you can be fast-tracked to approval. Based on your unique situation, you might be required to answer a few follow-up questions or to get a medical exam. Typically, only a small number of our applicants are asked to complete a medical exam, which is always convenient and free.

The medical exam itself only takes a couple of minutes. The exam usually consists of a medical professional taking your physical measurements (height, weight, blood pressure) and collecting blood and urine samples for testing. Then you’re done! To keep the application moving forward, please complete your medical exam as soon as possible. We want you to have the opportunity to take out a policy with Life Legacy!

Sometimes underwriters have additional questions based on the information you’ve provided. Don’t worry and don’t let this alarm you—it simply means they need more clarification on certain points.

You can quickly get a quote on our site by answering a few basic questions about yourself to get an idea of how much your monthly premiums could be. Keep in mind, this is an estimate based on the information you provide. After you submit your application, underwriters will review the detailed information you’ve provided and calculate the actual cost of insuring your policy. The ultimate cost of your policy is based on a number of factors, including the term length you choose, your medical history, health, age, and lifestyle. Other factors that may affect your price may include your driving record, criminal record, occupation, credit score, and any ‘risky’ hobbies you may have. If you have questions, don’t hesitate to reach out. We’re happy to help you better understand how the final price is calculated.

Our application process takes a matter of minutes! No hassle, no headaches, no nonsense.

For your application to go quickly and smoothly, it’s always a good idea to have the following information handy:

  • Height and weight
  • Driver license information
  • Social security number
  • Personal and family medical history
  • Current prescription information

Please keep in mind that all of the information that you provide is always protected with the highest privacy standards. If you have questions, reach out to our team at support@lifelegacy.io

Don’t sweat it! To update any information, please reach out via email at support@lifelegacy.io, and let us know what needs to be changed. Please keep in mind that some changes may require you to complete a new application.

Applying for a Life Legacy will not affect your credit score.

Absolutely! We’re happy to help you anytime you may need us. To contact, simply send an email to support@lifelegacy.io and we’ll get back to you ASAP with answers.

You can always reduce the coverage amount at any time. If you want to increase coverage, one of our life insurance partners would review your coverage amount and medical information and determine if a new application may be necessary. They may waive a medical review if the request to increase coverage happens within the first 6 months of coverage and if toyr health status has not changed.

My Policy

Don’t fret! If you miss a payment and have a term policy, you typically will have a 30-day grace period to add a new payment method (or 60 days in California). During this period, your coverage is still active. Otherwise, if you have a whole policy, typically the accrued cash value paid via premiums can be used to pay for payments in the event that you miss a payment. Send us an email at support@lifelegacy.io, we’re more than happy to review your status.

Coming Soon!

Be the first to get notified when we go live with our will product.