- Who Is Life Legacy?Life Legacy was created to help more people leave planned gifts to the charities they love. This is accomplished by using the power of life insurance, annuities, wills, and crypto donations to promote social good. Life Legacy works directly with givers and also helps charities promote planned gifts on their websites. You don’t need to be a multi-millionaire to leave a positive imprint. Instead, you can leave a lasting legacy in a financially affordable and simplified manner through our legacy giving products.
- Ways To Leave A Planned GiftWith Life Legacy, members can activate planned giving/legacy giving for a nonprofit or charitable organization by using life insurance, annuities, wills, and crypto donations.
- Why Bequest Giving Is Important For Your OrganizationDid you know that over 80% of planned gifts are left through bequests? They by far and large account for the most planned gifts left to non profits. By making it easier than ever for your supporters to leave these gifts you can cultivate relationships and grow major gifts while expanding your planned giving options.
- How To Leave Crypto in your WillIt’s now easier than ever before, in our online will you can pick an exchange that you keep your crypto on, leave a beneficiary and you’re finished. If something were to happen to you, all your loved one would have to do is go to the exchange with your will in hand.
- Why is a Will Important for my Digital Assets?Without a will it would be difficult if not impossible for an exchange to find out who is the rightful beneficiary. Millions of dollars worth of crypto has been left in exchanges when people pass away, with no will or intention left for these assets they go unclaimed.
Got a question? We have an answer! Check out our most commonly asked questions.
- Why Life Insurance?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).
- When Should I Give A Legacy Giving Policy?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.
- How Do I Apply?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:
- Height and weight
- Driver license information
- Social security number
- Personal and family medical history
- Current prescription information
- What If I Don’t See A Nonprofit I Want To Choose as the Beneficiary of My Policy?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 email@example.com and we’ll immediately assist you.
- Can I Include My Spouse and Children as Beneficiaries, as Well as a Charity?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.
- Can I Get A Policy From Life Legacy Even If I’ve Had Health Problems?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.
- What Type Of Insurance Policies Does Life Legacy Offer?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.
- What Is Final Expense Life Insurance?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.
- How Much Coverage Can I Apply For?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!
- Why Do You Need Information On My Health?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.
- 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 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.
- 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. 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.
- How Is My Final Price Calculated?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.
- When Does My Policy Become Active?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.
- How Can I Trust That Your Policies Are Reliable?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!
- What Is A Death Benefit? Is It Taxed?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.
- How Do Nonprofits Get Money From This?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.
- Are there tax benefits for my estate if I leave my policy to charity?There may be a tax benefit to giving a whole life insurance policy. Please consult a financial planner or accountant for details.
- What Is An Annuity And How Can It Be Used For Charitable Giving?An annuity is a great alternative to life insurance for people who have assets that they will not need in retirement. Life Legacy has partnered with a life insurance company that has a very unique and competitive annuity called a Multi-Year Guarantee fixed annuity or MYGA. MYGAs are great investments because they have a guaranteed minimum rate of return. That means you can be sure that your money will grow over time. Fixed annuity interest rates are quite high, too. They’re usually much higher than other low-risk investment options like CDs. A MYGA is a great vehicle for charitable giving:
- The rate of return is guaranteed, so when you name a charity or alumni association as a beneficiary, they are guaranteed to receive not only your initial deposit, but the guaranteed gains as well.
- The MYGA that is available through Life Legacy also allows you to withdraw up to 10% of the value every year without any surrender penalties. This means that not only will your selected charity receive the value of the annuity when you die, but you can also make donations every year using the 10% withdrawal feature. Your charity receives money now and later!
- What Is The Buying Process For An Annuity?If you have money that you’d like to leave to your favorite organization, simply apply through the Life Legacy website. After answering a few questions, you’ll immediately be forwarded to our MYGA partner’s application (if the product is available in your state) where information will be gathered over 10 minutes or so, including the ability to name your charitable organization as beneficiary. Then you’ll have the opportunity to deposit funds online, or have a conversation with a licensed agent over the phone. It’s that simple!
- What Is A Will?A basic will is a relatively simple legal document that transfers your assets, property, etc. upon your death to designated persons or organizations. It is revocable, which means that it is able to be changed until your death. It becomes effective only upon your death.
- Why Should I Prepare For A Will?Wills can distribute your property to your loved ones, name an executor to wrap up your affairs, identify guardians for children, forgive debts, and more. Having a will also means that you, rather than the state, get to decide who receives your property when you die. In most cases, wills are typewritten legal documents that are signed and witnessed, but some states do recognize other types of wills. And a Will is a great way to leave a portion of your estate to a charity (or charities) that you support.
- Is the Will on the Life Legacy Website Free for Me to Complete?Yes, Life Legacy provides completely free wills. All that we ask (but not required) is that you leave at least 1% to charity from your will. This helps to make the world a better place for generations to come and supports our nonprofit partners.
- Is The Will Valid In My StateYes. Life Legacy, with the help of an estate planning law firm, has compiled a simple, yet complete will that is valid in all 50 states and the District of Columbia.
- How Will the Charity Know That I Have Identified Them to Receive Some of My Assets?With your permission, Life Legacy will let your selected charity(ies) know that you have identified them as a participant in your Will.
- Do I Need To Notarize My Will Or Is Signing It Enough?Notarizing a will might make it harder for someone to contest it. In order for a will to be valid, it must be signed by the testator and witnessed (typically by two other people who also provide their signatures). As long as you follow the witnessing requirements set by your state, the will is considered a valid legal document. Once you pass away, the will needs to be verified, or proven, in court in a process known as probate. If you took the time and had the foresight to get the will notarized when you wrote it, it should expedite the process of distributing your assets. Otherwise, the court can delay the time it takes for any beneficiaries to receive assets designated for them in the will.
- Can I Update Or Edit My Will?Yes, we’ve made updating your will very simple and straightforward. Simply, sign into your account and click “update” next to the Will in your user profile.
- What Happens After Signing My Will?Decide where the original (perhaps notarized) Will is to be kept and inform the executor of the location. Generally, storage in a fireproof box or some other safe location should be sufficient. Be sure to let the executor and any alternates know the location of the Will. Remember that, should you desire to change your Will in the future, a formal Codicil or new Will will have to be executed. You should not write on or otherwise attempt to revise the Will. Remember: Periodically review changes in your life and consider whether you should change your Will.