Life insurance is an excellent, affordable way to affordably leave a large lasting legacy. If you are a current donor to a charity or religious organization, and can afford to spend a little more each month in the form of a life insurance premium payment, you can significantly increase your impact through the power of life insurance.
For example, for about $75 a month, a 50 year old can use a whole life policy to leave a $50,000 tax free gift upon their death. For a 40 year old, that commitment is about $60 a month (subject health and lifestyle).
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 you can do it with a Legacy Giving life insurance policy through the Life Legacy platform.
Apply right here on the Life Legacy website. Our fast screening process takes a matter of minutes! No hassle, no headaches, no-nonsense. At the end of the quick process, we will make recommendations that match your profile. From there, we link you right to an online application on our life insurer partner’s website. The whole process takes about 20 minutes. You can also call the insurer’s contact center and complete the application with the help of a friendly, licensed agent.
To expedite your application, have the following information handy:
- Driver license information
- Personal and family medical history
- Current prescription information
All of the information that you provide is protected with the highest privacy standards. If you have questions, reach out to our team at support@lifelegacy.io Our platform aggregates the top-rated charities in the US. The listed charities range across various nonprofit causes from civil rights, education, healthcare, environment, and several others. Our goal is to provide you with access to a diverse range of nonprofits that you can identify to receive your life insurance, annuity, crypto or will gift. However, if you don’t see the nonprofit you’re most interested in, simply type the full name of the charity/nonprofit in the open field section provided on our platform or email us directly at support@lifelegacy.io and we’ll immediately assist you.
Yes! You can split beneficiary designations as you wish. In fact, one of our companies requires a 25/75 charity/family split on your policy benefits.
At Life Legacy, each 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 coverage due to health issues. However, having health issues should not prevent you from applying for a Legacy Giving life insurance policy. Life Legacy features some policies that do not require any medical tests – so we welcome all to apply.
We offer several types of life insurance policies at Life Legacy via our insurance partners. These types of life insurance include: term, whole, and final expense. Our term product is simple and tends to be the most financially affordable type of life insurance, but 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.
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 with no medical tests required. Final expense insurance is commonly referred to as burial insurance.“ Final expense life insurance is a great way for older individuals, up to age 80, to ensure the charity of their choice or loved ones will receive a gift when you pass.
Life Legacy offers a variety of Legacy Giving life insurance policy options via our partnered life insurance carriers. Policies range from $5,000 to $1.5 million. We’re here to provide you with the policy size that meets your goals and fits your budget!
We ask you a few questions so we can make Legacy Giving recommendations that are customized for you. The information we request also expedites the underwriting process. At Life Legacy, we want to make it fast, simple and safe to get your legacy giving life insurance policy.
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 and its insurance partners 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 an exam, which is always convenient and free. To keep the application moving forward, please complete your medical exam as soon as possible.
You can get a quote easily on our site by answering a few basic questions about yourself. Keep in mind, this is an estimate based on the information you provide. After you submit your application, our life insurance partner’s underwriters will review the detailed information you’ve provided and calculate the actual cost of issuing your policy. The final cost of your policy is based on a number of factors, including your gender, medical history, age, and lifestyle.
Once your application is approved by our life insurance partner you will receive 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.
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 or over-the-phone purchasing!
A death benefit is also referred to as the policy proceeds. It’s the amount of money that an insurer pays to your beneficiary(ies) when you pass away. With term insurance, a death benefit is paid if you pass away during the policy term. With your whole life policy, as long as your premiums are paid, a death benefit will be paid. 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.
Nonprofits collect the policy proceeds (a death benefit) when you pass 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 life insurance policies are among the largest gifts a nonprofit will receive, often 200 to 300 times the size of annual gifts. Legacy Giving life insurance policies are vital to nonprofits’ longevity and ability to carry out their mission. Our policies help organizations to weather the annual fluctuations in charitable giving.
There may be a tax benefit to giving a whole life insurance policy. Please consult a financial planner or accountant for details.