Life Legacy FAQ

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Legacy Giving Policies

Which Term Length Is Right For Me?

There’s no one-size-fits-all length. It’s recommended to choose a term length that covers the nonprofit at least until:
You retire
Your mortgage is paid off
You reach your savings goal

That way, you may have more financial freedom to determine how you wish to continue to support your passion and nonprofit(s) of choice.

When Should I Get A Legacy Giving Policy?

Stop waiting and get one right 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 20-65, we welcome you to apply now. The world is counting on you to make a difference and an unforgettable legacy.

What’s Planned Giving or Legacy Giving?

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

In short, a planned gift/legacy giving is any major gift, made in lifetime or at death as part of a donor’s 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 policy to a nonprofit or charitable organization.

What Is Underwriting?

Once you submit an application on Life Legacy, underwriting begins. Underwriting is the process insurance companies use to determine whether they are able to offer insurance coverage to applicants, and the premiums they’ll charge. Factors such as the applicants age, sex, health and lifestyle contribute to the insurance company’s decision during the underwriting process.

What Is Term Life Insurance?

Term life insurance is known to be 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 beneficiary (in this case, the nonprofit you’ve selected). If you perish during the term period, your beneficiaries receive a lump-sum payment (also known as the “death benefit”). When choosing, select a term based on how many years you need coverage.
During the term, you’re required to pay a monthly premium for the term 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 either elect to let your policy to 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. So do your best to ensure that the nonprofit(s) you’ve selected as beneficiaries are covered.

What Is A Legacy Giving Policy?

A Legacy Giving policy is unique to Life Legacy. This type of policy allows members to easily create simple and affordable ‘life insurance’ policies with nonprofits/charities listed as the beneficiaries of the death benefit.

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

What Is A Death Benefit? Is It Taxed?

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. However, if your beneficiary opts to do something less common such as distributing the death benefit in installments while investing it, or including the benefit as part of an estate settlement, there could potentially be tax penalties for the beneficiary. Always double check with an accountant or financial advisor if you believe this applies to you or your beneficiaries.

What Is A Beneficiary?

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).

What If I Don’t See A Nonprofit That I Want To Choose?

Our platform aggregates the top rated 4-star charities provided by charitynavigator.org. The listed charities range from 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.

I Already Have Life Insurance, Can I Still Get A Legacy Giving Policy?

Yes! You can absolutely get a Legacy Giving policy even if you already have a life insurance policy – we encourage you to have both! A traditional life insurance policy will provide coverage for your loved ones, if you were to pass away during your term – whereas a Legacy Giving policy will provide coverage for the nonprofit you wish to grant the policy to. By having both, you’ll not only protect your loved ones, but also protect the longevity of a cause you’re passionate about. After all, we want to help you leave an everlasting legacy!

How Many Nonprofits Can I Have On My Policy?

Right now, we allow our Life Legacy members to have an upwards of 4 nonprofits as beneficiaries on their Legacy Giving policies. Have questions or need further customization, email us at support@lifelegacy.io.

How Is This Different Than Life Insurance?

Traditional life insurance policies provide coverage for your loved ones whereas Legacy Giving 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).

How Do Nonprofits Get Money From This?

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 giving 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!

Do I Get A Tax Break For A Legacy Giving Policy?

At the moment, there isn’t a tax break for legacy giving policies (also known as planned giving).

To receive a tax break, it’ll depend on the asset used to fund the gift. For instance, if the gift was made during the donor’s lifetime or at death, and whether the donor retained an income interest from the gift. Below are more guidelines:
Outright, lifetime gifts of cash, or of assets like securities held by donors for more than 1 year (“long-term capital gain property”), are deductible at fair market value.
The charitable deduction for a gift that returns income to donors and/or other beneficiaries, such as a charitable gift annuity or a charitable remainder trust, is the fair market value of the gift asset minus the present value of the income interest retained.
Revocable gifts that will be paid to your organization upon the death of the donor do not generate an income tax deduction. Therefore, donors do not receive a deduction for including a charitable bequest when they write their will, for naming you the beneficiary of a life insurance policy, or for designating your organization to receive the remaining balance of their retirement plan.

Can I Have More Than One Legacy Giving Policy?

Life Legacy allows its members to only have one Legacy Giving policy per person. We prohibit individuals from creating multiple or fake accounts. Please don’t violate these rules, as it could result in insurance fraud – which is a felony.

About Life Legacy

Who Can Apply For A Policy?

Life Legacy welcomes all U.S. citizens and permanent residents ages of 20-65 to apply for a Legacy Giving policy. Those who apply before age 65 can be insured until age 94.

Currently, Life Legacy is licensed and operates in 49 U.S. states and the District of Columbia, excluding the state of New York.

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

What Makes Life Legacy Different?

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.

What Does A Policy Administered By Life Legacy Cover?

The death benefit of the Legacy Giving policy will be paid to your nonprofit of choice, also known as the beneficiary at the time of your claim if you have died for any reason except the following:
It’s determined that insurance fraud has been committed
Questions within the application were not answered truthfully and are discovered during the two year contestable period
Your death is the result of suicide during the first two years of the policy being in force
For additional questions regarding Life Legacy’s policy administration, please reach out to us at support@lifelegacy.io.

How Much Coverage Can I Apply For?

Life Legacy offers a variety of Legacy Giving policy options from $100,000 to $1.5 million and term lengths ranging from 10 to 30 years. We’re here to provide you with the policy size that meets your goals for your unique situation.

How Can I Trust That Your Policies Are Reliable?

Life Legacy partners with some of the insurance industry’s largest and most respected companies – so you get the best of both worlds: reliability of centuries-old industry leaders with a blend of convenience from a modern insurtech company!

Does Life Legacy Require A Long Term Commitment?

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.

Does Life Legacy Only Offer Term Life Insurance?

We exclusively offer level term life insurance at Life Legacy for our Legacy Giving policies. We believe that this is the most optimal policy because it is simple and tends to be the most financially affordable life insurance structure, only providing coverage during the specified term. With level term life insurance for your Legacy Giving policy, your premiums will never increase—they stay the same during your policy term.
At the moment, we do not offer permanent or whole life insurance since the policies tend to be more complicated and 10-15X more expensive. However, we’re evaluating more affordable options to make this available to current and prospective policyholders.

Can I Replace A Policy From Another Company With Life Legacy?

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.

Can I Get A Policy From Life Legacy, Even If I Had Health Problems?

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

Why Do You Need Information About My Health?

Great question! We ask you health and personal questions so that our 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, lawyer and other insurance firms. To ensure your identity, we may ask for your Social Security number, driver license number, and credit card to help verify and protect your identity. 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!

Why Do I Need A Life Legacy Account?

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.

When Does My Policy Become Active?

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’re charged for your first monthly premium.

What Happens After I Submit My Application?

When you submit your application through Life Legacy, underwriters review your application and make a determination about insuring you for a policy. Typically, underwriting could take months, 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 to a couple of weeks. If approved, Life Legacy will reach out to you via email to review your coverage details to ensure you’re satisfied.
There are instances that 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 closely 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.

Is My Application Binding?

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 the information you’ve provided is accurate and honest – and that you’ve given permission to Life Legacy to begin underwriting your policy.

I Was Asked To Get A Medical Exam, Why?

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. But don’t worry!
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!

I Was Asked For Follow-Up Information, What Does This Mean?

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.

How Long Does It Take To Get A Decision On My Application?

We try our best to approve every policy immediately, but sometimes that doesn’t happen. If your policy isn’t approved within 24 hours, please allow our underwriting process to take a few more days or weeks to complete. This typically happens if there’s additional information on your application that needs to be reviewed. If you have questions about the amount of time it’s taking for your application to be approved, don’t hesitate to reach out to support@lifelegacy.io.

How Is My Final Price Calculated?

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.

How Do I Apply?

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 safety standards. If you have questions, don’t hesitate to reach out to our team at support@lifelegacy.io

How Can I Fix Incorrect Information On My Application?

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.

Does Applying For A Policy Hurt My Credit Score?

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

Can I Speak To A Real Person If I Have Questions?

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.

Can I Insure My Spouse, Parents Or Children?

We’d love to have them join the Life Legacy community. To apply for coverage for your spouse, parents or adult child, simply have them complete the online application —it’s that easy! Remember, applications are limited to those between the ages of 20 and 65.

Can I Change My Coverage Amount Or Term Length Once I Apply?

Absolutely! The details of the coverage that you applied to are not unchangeable. At any time, you can change your coverage amount or the term length after you apply. Once your application is approved, you can review alternative coverage options by emailing support@lifelegacy.io – we’re more than happy to help you find the coverage that works best for you and aligns with your passion and goals.

My Policy

Will My Premium Change Over Time?

Never! That’s our promise. All term policies offered by Life Legacy have level premiums. This means that the price of your policy will never increase during your term—even as you age or if your health changes.

What Happens When My Coverage Term Ends?

First off, we’re glad that you’re still alive! If you’d like to renew your policy please reach out to support@lifelegacy.io – we’ll be happy to help you get a new policy. Please be aware, renewing your coverage will decrease and your premium will increase (at an older age).

What Happens If I Miss A Payment?

Don’t fret! If you miss a payment, you 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. Send us an email at support@lifelegacy.io, we’re more than happy to make sure your policy and payments are taken care of.

How Long Does It Take For A Claim To Get Paid?

We try to evaluate and process claims as quickly as possible. However, it may take a little time, depending on the information that is presented at the time of claim. To further help your nonprofit beneficiary receive the legacy giving benefit, we encourage you to provide them with a copy of your policy as part of your estate planning process. Or simply provide your nonprofit beneficiary with your insurance company’s full legal name so they are able to contact the insurance company, if needed.

How Do I Pay My Premium And Update Billing Information?

We offer monthly payments via debit or credit card from the following providers: Visa, Mastercard, Discover, or American Express. Payments for Life Legacy will be automatically drafted the same date your policy was issued unless you change your payment date before you activate your coverage.
To update or change your payment method, please go to your account at LifeLegacy.io and click on the ‘Billing’ tab, then click the ‘Change Payment Method’ button.
If you experience any difficulty changing your payment method, don’t hesitate to reach out to support@lifelegacy.io – we’re happy to help!

How Do I File A Claim?

When a Life Legacy policyholder dies, it’s the responsibility of the beneficiary named on the policy to contact the insurance company to file a death claim. The insurance company will assist the beneficiary with the claim process. This is why it’s important to share with your beneficiary / nonprofit the policy you’ve taken out for them.

How Do I Change My Beneficiaries/Nonprofits?

To change the nonprofit(s) you’ve elected as your policy beneficiaries, please email us at support@lifelegacy.io. We’ll be happy to immediately assist you with updating your current beneficiary or beneficiaries.

How Do I Cancel My Policy?

We get it, life changes! Cancel your policy any time, free of charge. To cancel your policy, login into your account by visiting LifeLegacy.io and selecting ‘My Profile’ and clicking the ‘cancel policy’ button. You may also email support@lifelegacy.io to cancel your policy or by ceasing to pay your monthly premiums, which will cause a lapse. Either way, we will never charge you a cancellation fee. That’s our promise.

How Do I Access My Policy Details?

You can find your policy details once your policy is activated. To access, simply login into your account and select ‘My Profile’ to see your policy information and account details. If you have trouble accessing your account, please let us know by emailing support@lifelegacy.io.

Do I Get A Refund If I Cancel My Policy?

Yes, you’re eligible for a full refund if you cancel your policy during the first 30 days. After the first 30 days, you may cancel your policy anytime for no additional cancellation fee. However, you will not be refunded for previous premium payments.